When the earnings report for Q1 2018 came into the Paddy Power offices, it’s possible that someone asked if maybe they had too much of a good thing in Q4 2018? That’s because Paddy Power’s so, so entree into 2018 may have been the result of a truly spectacular Q4 that left their players without a whole lot to gamble with.

Earlier this week Paddy Power released its earning report for Q1 2018 and it contained something of a surprise, revenue was down two percent over the same period last year. Reported revenue was £408 million ($553 million USD) with earnings down a full eight percent.

This comes on the heels of Q4 2017 when the company the company posted very solid earnings compared to the previous year.

So what gives?

There are a couple factors at play here and none of them are really the fault of Paddy Power staff at any level.

One major factor, according to Paddy Power CEO Peter Jackson, was the spectacular success the company had in its sportsbooks during Q4 2017. That run of good mojo may have left Paddy Power’s players without a whole lot of extra income to gamble with as the new year dawned. In a statement to the press, Paddy Power officials said that those “very strong” results may have been the reason things slowed down so much in Q1.

That said, Jackson told RTE.ie (an Irish business journal) that while they were a bit disappointed with the revenue dip, they were still optimistic about 2018 and, “While this Q1 performance is disappointing, we have made good progress on the key strategic priorities I outlined in March.”

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