Irish bookmaker Paddy Power Betfair (PPB) remained pessimistic about its full-year 2018 outlook even as its revenues accelerated at a faster pace in the second quarter of the year.

In a regulatory filing, PPB estimated that its full-year EBITDA will land in between £460 million ($591.43 million) and £480 million ($617.14 million) due to the introduction of additional taxes and losses from its growing U.S. business.

The latest figures were much lower compared to the EBITDA estimates of in between £470 million ($604.28 million) and £495 million ($636.43 million) that PPB issued in May. PPB cited several factors for the downward revision of its full-year EBITDA, including the introduction of new Australian taxes, the integration of FanDuel operations in the U.S., and lower horse-racing revenues at its Betfair exchange.

“[T]he downgrade to [PPB’s] earnings guidance is a reminder of the regulatory risks the company faces in Australia and the UK, not to mention the execution challenges it faces in the US,” Senior Market Analyst Fiona Cincotta of UK-based brokerage City Index said in a statement.