Betfair and Paddy Power are set to merge in a deal that would create one of the world's biggest online betting and gaming companies. Final details are still being worked out, but the companies said the deal had "compelling strategic logic" and boosted their market position. Paddy Power shareholders would own 52% of the combined business, with Betfair investors owning the remaining 48%. The combined business would have annual revenues of some £1.1bn. Shares in Betfair soared18% to £30.72 on Wednesday, while Paddy Power jumped more than 15% in Dublin. "Discussions remain ongoing regarding the other terms of the possible merger," astatement said on Wednesday. If the deal goes ahead, Breon Corcoran, boss of Betfair, would become chief executive of the combined group, while his counterpart at Paddy Power, Andy McCue, would become chief operating officer. Industry mergers The combined company plans to retain the "distinctive and complementary" Betfair and Paddy Power brands in Europe. Gary McGann, chairman of Paddy Power, is expected to become chairman. Shareholders in Paddy Power would receive a special dividend of €80m. Based on their closing prices on Tuesday, Betfair was worth £2.4bn and Dublin-listed Paddy Power was worth €3.4bn (£2.5bn). There has been a flurry of merger activity in the gambling sector in recent months. In July, online gambling firm 888 Holdings won atakeover battle for rival Bwin.partyin a cash and stock deal valued at about £898m. The two companies had been in discussions since the middle of May. Ladbrokes and Gala Coral also recently sealed an all-share merger, creating a £2.3bn betting group.
More worrying is that the next move being mooted in the city seems to be William Hill taking over bet365. Now that would be a disaster.
I detest both firms - William Hill are miles behind Corals with their online setup - never even looked at Bet365 and never intend to - they should both stick to marketing their Bingo software
Bet £3.65 and Paddy Power are good company's for small gamblers, or losing gamblers. But I use neither these days, as Bet £3.65 have restricted me to about £2 a bet, whilst Paddy Power I can get at most £25, and that's with no promotions like best price Guarenteed or 6 places on the golf which they also took away from my account. Betfair are pretty good, even on their sports book I've landed some big bets and they haven't restricted me, it's probably cause I give them so much commission on the exchanges. So I hope they don't merge with Paddy Power, as I like being able to bet what I want on Betfair
Interesting that you say this because Betfair banned me from Sportsbook and will only allow me to place bets on the exchange. I have never had a moments problem getting on with Bet365 and I personally think that they have led the way with offers and others have had to follow. I also admire the way they get the prices up first, you can almost see those pricks at Corals looking on the 365 website before committing themselves, gutless bellends. I have also never had a problem with Paddy although they did ban a friend of mine. Will this merger mean Paddy Power close my account as well? Whichever way you view it its not good for the punter, variety of choice and competition among the larger companies is what we require.
I suppose it depends how well you do with each company, I've not been able to get a bet on with B365 for years, i even closed my account myself, and then opened up a new one 2 years later, and they still remembered me and added my old restrictions to the new one. The amount I can get on is actually ridiculous, your talking a few pound at most. Careful EW races, I can't even get a single penny on. They may put the prices up the day before, but if your stitching them up with the prices, and beating the book and consistently winning off them they'll soon add restrictions to your account. I'm probably not doing aswell with Betfair sports book as you are, and that's probably why they've done what they've done to you, and not to me. I actually had a dispute with Paddy Power, which I went to IBAS about, as they took away my best priced guarantee without warning me or informing me of it, so I took 4s about a horse assuming I'd get BPG, and it won at 5s, so they paid me out at the 4s. When I emailed them about it, they said they where within there rights to take it away without letting me know. So I took the dispute to IBAS as I believe they should be telling customers if they're taking offers like BPG away before they have a bet under faulse pretences. When IBAS contacted Paddy Power, they quickly agreed to pay up the extra money, but informed me from now on I don't get BPG, or any other special offers like money back, I got a big email from PP saying what I wasn't now entitled to. They aren't as bad as 365 for me though to be fair, I can atleast get some money on with them, maybe £40 at early prices, and some more at board prices. Exchanges are the best place to bet though for me, as I don't have to worry at all about getting on, as Betfair couldn't care less if you win or lose on the exchanges just aslong as your giving them commission. If you bet a lot eventually you'll get reductions on the commission you pay which is also pretty handy
