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Paddy Power owner Flutter Entertainment has warned over profits as payouts surged due to a long winning streak by punters.

The group – which also owns Betfair , Sky Bet and FanDuel in the US – slashed its full year underlying earnings outlook in results out in America late on Wednesday to £2.9 billion, down from £3.3 billion previously.

It said this was due largely to a run of customer-friendly sport results in the third quarter, which has picked up pace in its current quarter, with the group alerting over a hit of around 170 million US dollars (£129.4 million) to un

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