Paddy Power Betfair

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search

Paddy Power Betfair plc
Public limited company
Traded as LSEPPB
FTSE 100 Component
Industry Bookmaking
Predecessors Paddy Power and Betfair
Founded 2016
Headquarters Dublin, Ireland
Key people
Gary McGann, Chairman
Peter Jackson, CEO
Brands Betfair
Paddy Power
Sportsbet.com.au
TVG Network
Timeform
FanDuel
Draft
Revenue £1.75 billion (2017)[1]
£392 million (2017)[1]
£218 million (2017)[1]
Number of employees
7,557 (2016)[2]
Website www.paddypowerbetfair.com/

Paddy Power Betfair is a bookmaking business created by the merger of Paddy Power and Betfair. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. It operates under various brands including Betfair, Paddy Power, Sportsbet, TVG and FanDuel.[3]

History

Paddy Power and British rival Betfair agreed terms for a merger on 8 September 2015. The business is owned 52% by the former Paddy Power shareholders and 48% by the former Betfair shareholders.[4] The merger was completed on 2 February 2016.[5] On 5 April 2016, it was announced that 650 jobs in United Kingdom and Ireland would be lost at the company.[6]

On 18 October 2016, the company paid out $1.1M to those who bet on Hillary Clinton in the 2016 United States presidential election, citing a certainty of Clinton's victory. Trump won.[7]

In May 2017, it acquired daily fantasy sports operator Draft.[8]

In August 2017, it was announced that Peter Jackson, CEO of Worldpay UK would succeed Breon Corcoran as CEO of Paddy Power Betfair.[9]

In March 2018, the company announced that it would be implementing an electronic self-exclusion process through its in-shop app. The new system will replace the current paper-based process, and will be implemented across the United Kingdom.[10]

In May 2018, Paddy Power Betfair announced its intent to acquire FanDuel, one of the two leading DFS operators in the United States. The deal is part of an effort to bolster the company's U.S. assets following the overturning of a federal prohibition on sports betting. The company will pay $158 million and merge its existing U.S. operations with FanDuel, and hold a 61% controlling stake in the combined company, with the option to increase is stake to 80% after three years and 100% after five.[11][12]

Operations

The new business maintains separate brands in the United Kingdom, Ireland and Italy.[4] It operates across four divisions; online, retail, Australia and the United States.[13] The online division comprises Paddy Power and Betfair in the United Kingdom and Ireland. Betfair also operates an online betting exchange.[3]

The retail division operates over six hundred betting shops in the United Kingdom and Ireland.[14] In Australia, they own Sportsbet.[15]

The division in the United States includes the TVG Network, which is a horseracing television channel and pari-mutuel online betting network which is active in 35 states. In New Jersey, the company has an online casino and a horse racing betting exchange.[16]

Both Paddy Power and Betfair are regulated in the UK by the Gambling Commission.[17]

References

  1. ^ a b c "Preliminary Results 2017" (PDF). Paddy Power Betfair. Retrieved 11 March 2018. 
  2. ^ "Annual Results 2016" (PDF). Paddy Power Betfair. Retrieved 9 April 2017. 
  3. ^ a b Kate Palmer (4 May 2016). "Paddy Power's Betfair merger pays off with £11m profit boost". The Daily Telegraph. Retrieved 12 June 2017. 
  4. ^ a b "Paddy Power and Betfair merger agreed". The Guardian. Retrieved 29 January 2016. 
  5. ^ Michael Cogley (2 February 2016). "Paddy Power Betfair begins trading after €8bn merger is completed". Irish Independent. Retrieved 21 September 2018. 
  6. ^ Bill Wilson (5 April 2016). "Paddy Power Betfair to cut 650 jobs in UK and Ireland". BBC News Online. Retrieved 2016-04-05. 
  7. ^ "Betting website pays out $1 million because it's certain Clinton beats Trump". CNN. 18 October 2016. Retrieved 9 November 2016. 
  8. ^ Bradley Gerrard (10 May 2017). "Paddy Power Betfair enters fantasy land on back of US sports acquisition". The Daily Telegraph. Retrieved 17 June 2017. 
  9. ^ Jon Yeomans; Bradley Gerrard (7 August 2017). "Paddy Power Betfair takes a punt on Worldpay boss as new CEO". The Daily Telegraph. Retrieved 7 August 2017. 
  10. ^ Caroline Watson (26 March 2018). "Paddy Power launches electronic self-exclusion process for all UK shops". Gambling Insider. Retrieved 28 March 2018. 
  11. ^ Janko Roettgers (23 May 2018). "FanDuel Acquired by Paddy Power Betfair". Variety. Retrieved 9 July 2018. 
  12. ^ Evan Grossman. "How FanDuel and DraftKings are taking aim at the world of sports gambling: 'The whole marketplace is going to evolve'". New York Daily News. Retrieved 9 July 2018. 
  13. ^ "Divisions". Paddy Power Betfair. Retrieved 12 June 2017. 
  14. ^ "Paddy Power opens its 600th outlet". RTÉ News. 1 March 2016. Retrieved 10 June 2016. 
  15. ^ Shane Anderson. "Huge Sportsbet result for Paddy Power". RACING.COM. Retrieved 17 June 2017. 
  16. ^ Barry O'Halloran (8 March 2016). "Paddy Power Betfair to launch in US with betting exchange". The Irish Times. Retrieved 17 June 2017. 
  17. ^ "Find licensees". Gambling Commission. Retrieved 24 February 2018. 

External links

  • Official site
Retrieved from "https://en.wikipedia.org/w/index.php?title=Paddy_Power_Betfair&oldid=860544302"
This content was retrieved from Wikipedia : http://en.wikipedia.org/wiki/Paddy_Power_Betfair
This page is based on the copyrighted Wikipedia article "Paddy Power Betfair"; it is used under the Creative Commons Attribution-ShareAlike 3.0 Unported License (CC-BY-SA). You may redistribute it, verbatim or modified, providing that you comply with the terms of the CC-BY-SA