UK and Ireland: betting operators Betfair and Paddy Power to merge into single group

The British company Betfair and the Irish company Paddy Power, two of the leading betting operators in the UK and Ireland, are set to merge in a consolidation that would create a company worth £5.8 billion (€7.9bn), according to an announcement on 26/08/2015.

The proposed merger follows the announcement in July 2015 that the betting operators Coral and Ladbrokes would join forces to create the UK’s largest bookmaker. The new Betfair and Paddy Power bookmaker, being referred to as "Betty Power" by analysts, would create a business with combined revenues of more than £1.1bn (€1.5bn).

Much of the companies' current income stem from the Internet, where both operators of this merger have a strong market share. Although the company indicated measures for “cost and revenue efficiencies”, Paddy Power stressed it would pursue what it described as a “dual brand strategy” in Europe.

• Breon Corcoran, Betfair’s chief executive, was previously the chief operating officer at Paddy Power, before joining Betfair in August 2012. 
• Breon Corcoran would become the chief executive of the combined group…