Betfair and Paddy Power agree £5.8bn merger
Yet another major partnership announced between two leading sports betting and poker brands.
2015 will likely be remembered as the year of the merger in the gambling industry, as top sports betting operators Betfair and Paddy Power have agreed terms on a merger.
Paddy Power shareholders will hold 52% of the company, while Betfair shareholders will hold 48%. Both of these very recognisable brands will continue as they are and retain their existing customer base, rather than form one joint product.
Both operators are powerhouses in the sports betting industry. Paddy Power is known for its outrageous publicity stunts and Betfair changed the industry with its betting exchange product. They both currently run online poker on the iPoker Network.
The combined group would be worth £5.8 billion based on the current market.
This is one of several major mergers this year. Just last month Ladbrokes and Gala Coral agreed a £2.3 billion merger.
Meanwhile the previously announced merger between 888 Holdings and bwin.party has still not gone ahead, as rival group GVC Holdings is still trying to hijack the deal and buy bwin.party themselves.
Are these mergers good for poker? Let us know your thoughts in the comments.
