Bookmaker Paddy Power said it expects full year operating profit to be about €11m lower than it forecast three months ago after unfavourable soccer and horse racing results.

Paddy Power said sports results had gone against it since July, particularly at the Australian Spring Horse Racing Carnival and Champions League soccer.

Its shares closed more than 8% lower in Dublin trade following the announcement.

"We now expect low to mid single digit percentage operating profit growth in 2013 in constant currency, before currency translation headwinds of 3%," Paddy Power said in an interim management statement covering the months from July to the middle of November.

"This is approximately €11m lower than the mid-point of our guidance at the time of our interim results," the company said.

Paddy Power reported an operating profit increase of 12% to €75.4m in the first half of the year with the group's market-leading online division driving revenues up 22%.

It said today that online sports turnover, excluding its growing Australian business, rose 15% compared to the same time last year, with Australian online turnover up 26% and retail up 5%.

Paddy Power has been quicker than competitors at reacting to customers moving online and makes more than 75% of its profit through Internet betting. It said today that competition in the UK online market continues to strengthen.

The company said today that Irish retail stakes maintained their positive trend from the first half of the year, with like for like growth of 5% exceeding growth in any six month period since 2007.

Paddy Power has opened 46 shops so far this year, nine in Ireland and 37 in the UK. It said it expects to open a record 65 new shops in total this year.

In today's trading update, it said that its retains "significant financial flexibility" to take advantage of potential opportunities, with no debt and net cash of €235m at November 17.

Last week UK rival Ladbrokes responded to speculation it could be forced to cut estimates for the second time in three months on adverse sports results, insisting it was on track to hit analysts' forecasts.