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The company behind Paddy Power and Betfair has warned it faces an "unprecedented" challenge as sports matches and leagues are cancelled because of the Covid-19 outbreak.

Flutter Entertainment, which gets nearly 80% of its revenue from bets on sporting events, said its accounts will be seriously dented.

All Premier League football games have been postponed in England until the beginning of next month, while the major leagues in Spain, Italy, France and Germany have been indefinitely suspended.

Horse racing is continuing - although behind closed doors in places starting from today with a meeting at Kelso - but many major sports have been suspended in the US. The European football championships, Euro 2020, are also likely to be postponed, Flutter said.

"This will obviously have a material impact on the revenue and earnings of the group," it said in a statement to shareholders this morning.

Chief executive Peter Jackson said: "The challenge currently facing our business and the industry more widely is unprecedented in modern times.

"Our focus, first and foremost, is on protecting the welfare of our employees and our customers and we will leave nothing to chance in this regard."

As it does not know when the regular sports schedule will start up again, and which other sports might decide to follow suit, Flutter said it is difficult to gauge the financial impact.