Big news for gamblers
I’d wager that most sports fans have either a Paddy Power or Betfair account and it appears very likely that two of the biggest names in gambling look set to merge.
Under the terms of the deal, Paddy Power shareholders will own 52% of the company while Betfair shareholders would own 48%.
Since their inception, Paddy Power have always been one of the leading bookies in the business but Betfair’s innovative online gambling exchange, which lets punters bet against each other in real time, has also ensured a large chunk of the market…as well as your money!
If the merger goes ahead then the combined companies would have revenues of more than £1.1bn, even more customers and massive potential to grow their market share in Europe, the US and Asia.
Hat-Tip The Guardian
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