Paddy Power Betfair

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Paddy Power Betfair plc
Public company
Traded as LSEPPB
FTSE 100 Component
Industry Bookmaking
Predecessors Paddy Power and Betfair
Founded 2016
Headquarters Dublin, Ireland
Key people
Gary McGann, Chairman
Breon Corcoran, CEO
Peter Jackson, CEO-designate
Brands Betfair
Paddy Power
Sportsbet.com.au
TVG Network
Timeform
Draft
Revenue £1,500.8 million (2016)[1]
£319.1 million (2016)[1]
£(5.7) million (2016)[1]
Number of employees
7,557 (2016)[1]
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 and TVG.[2]

History

Paddy Power and British rival Betfair agreed terms for a merger on 8 September 2015.[3] The business is owned 52% by the former Paddy Power shareholders and 48% by the former Betfair shareholders.[3] The merger was completed on 2 February 2016[4] making it the number one online gambling company in terms of size and revenue in 2016, with a total value of around 12 billion dollars.[5] On 5 April 2016, it was announced that 650 jobs in United Kingdom and Ireland would be lost at the company.[6]

In August 2017, it was announced that Peter Jackson, CEO of Worldpay UK would succeed Breon Corcoran as CEO of Paddy Power Betfair.[7]

Operations

The new business maintains separate brands in the United Kingdom, Ireland and Italy.[3] It operates across four divisions; online, retail, Australia and United States.[8] The online division comprises Paddy Power and Betfair in the United Kingdom and Ireland. Betfair also operates an online betting exchange.[2]

The retail division operates over six hundred betting shops in the United Kingdom and Ireland.[9] In Australia, they own Sportsbet.[10]

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.[11]

Acquisitions

In May 2017, it acquired daily fantasy sports operator Draft.[12]

References

  1. ^ a b c d "Annual Results 2016" (PDF). Paddy Power Betfair. Retrieved 9 April 2017. 
  2. ^ a b "Paddy Power's Betfair merger pays off with £11m profit boost". The Telegraph. Retrieved 2017-06-12. 
  3. ^ a b c Association, Press. "Paddy Power and Betfair merger agreed". the Guardian. Retrieved 29 January 2016. 
  4. ^ "Paddy Power Betfair begin trading". Racing Post. 2 February 2016. Retrieved 3 February 2016. 
  5. ^ Fontenot, Cliff. "Top 10 Sites : Largest Online Gambling Companies 2016". GrizzlyG. Retrieved 4 August 2017. 
  6. ^ Wilson, Bill (5 April 2016). "Paddy Power Betfair to cut 650 jobs in UK and Ireland". BBC News. Retrieved 2016-04-05. 
  7. ^ "Paddy Power Betfair takes a punt on Worldpay boss as new CEO". telegraph.co.uk. Retrieved 7 August 2017. 
  8. ^ "Divisions". www.paddypowerbetfair.com. Retrieved 2017-06-12. 
  9. ^ "Paddy Power opens its 600th outlet". RTÉ News. 1 March 2016. Retrieved 10 June 2016. 
  10. ^ @globalgallop, Shane Anderson -. "Huge Sportsbet result for Paddy Power". RACING.COM. Retrieved 2017-06-17. 
  11. ^ "Paddy Power Betfair to launch in US with betting exchange". The Irish Times. Retrieved 2017-06-17. 
  12. ^ "Paddy Power Betfair enters fantasy land on back of US sports acquisition". The Telegraph. Retrieved 2017-06-17. 

External links

  • Official site
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