New taxes, regulatory changes and "unexpected international market switch-offs" led to a first-half profit drop at Flutter Entertainment.
Regulation and tax changes cost the Dublin- and London-based bookmaker £47m in the half, with the company forced to pull out of Switzerland, Serbia, Slovakia and Albania.
Those exits will cost the company £11m in earnings before interest, tax, depreciation and amortisation (EBITDA) this year, with about £7m of that in the second half.
So-called underlying EBITDA fell 10 percent to £196m, even though revenue gained 18 percent to £1.02bn, according to Flutter, formerly known as Paddy Power Betfair.
Net profit dropped 13 percent to £77m, the company said.