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.
Video Paddy Power Betfair
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. The merger was completed on 2 February 2016. On 5 April 2016, it was announced that 650 jobs in United Kingdom and Ireland would be lost at the company.
In August 2017, it was announced that Peter Jackson, CEO of Worldpay UK would succeed Breon Corcoran as CEO of Paddy Power Betfair.
Maps Paddy Power Betfair
Operations
The new business maintains separate brands in the United Kingdom, Ireland and Italy. It operates across four divisions; online, retail, Australia and United States. The online division comprises Paddy Power and Betfair in the United Kingdom and Ireland. Betfair also operates an online betting exchange.
The retail division operates over six hundred betting shops in the United Kingdom and Ireland. In Australia, they own Sportsbet.
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.
Acquisitions
In May 2017, it acquired daily fantasy sports operator Draft.
References
External links
- Official site
Source of the article : Wikipedia
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