Paddy Power and Betfair raise the stakes with merger

Paddy Power and Betfair have agreed to a £6m merger which will see the bookmakers become one of the largest online bookmakers in the UK.

According to the terms, set back in August, Paddy Power will own 52 per cent of the new entity with Betfair owning 48 per cent.

Boasting a combined 7,000 staff members, the group will be headquartered in Dublin but will continue to run as separate brands.

Gary McGann, Paddy Power chairman, said: “The merger of Paddy Power and Betfair will create a company of world-class capability and people who will deliver substantial up-front synergies and a platform for very exciting business expansion.”

The gambling industry has been fired by change this year with Gala and Ladbrokes in July sealing a similar £2.3bn merger.

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