UK-listed gambling operator Paddy Power Betfair (PPB) is expressing regret for having taken bettors to the cleaners in Q4 2017, leaving them with nothing to wager during Q1 2018.

On Wednesday, PPB released a trading update covering the first three months of the year, during which revenue fell 2% year-on-year to £408m, underlying earnings (factoring out one-offs) fell 8% to £102m and underlying operating profit slipped 12% to £80m.

Retail sports betting stakes at Paddy Power betting shops were down 9% to £415m while online sports handle fell 10% to £1.28b.

PPB claimed that the sports segment suffered from “very strong gross win margins in Q4 2017,” and this affliction “was compounded by bookmaker friendly results in January and February,” apparently leaving punters with zero discretionary income at their disposal. A raft of weather-related racing cancellations didn’t help.