Irish bookmakers Paddy Power is to gamble a significant portion of its cash in an attempt to hit profit targets, which are currently €11 million off what they expected them to be.
In it’s interim management statement, the company outlined how “un-favourable” results over the last number of months has lead to the lower than expected profit levels.
However, in keeping in line with the ethos and values of the brand, Paddy Power are planning on taking large portion of their cash and sticking it on a horse on the weekend. Paddy Power will be placing several million euro of company money on Vino Vino Cavo, who is running in the 15:05 in Gowran Park on Saturday.
In a statement released to investors today, Paddy Power commented:
We’re a little short this year with profits, but, we got a good tip from a lad who works with the owner of Vino Vino Cavo, who said he’ll lash it in on Saturday. Just to make sure though, we’ve hedged our investment and backed him each way and if he comes in, we’ll exceed profit targets for the year!
Paddy Power are looking forward to hitting targets on the weekend but have reassured investors that numerous steps have been taken to ensure that finances are protected and profits reached. If for some reason the horse fails to come in on Saturday, a contingency plan is already in place.
Remaining cash will be placed on “Red 32” in The Sporting Emporium Saturday night, after management fall out of Coppers at 4am.