Paddy Power Betfair
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, TVG and FanDuel.
|Public limited company|
FTSE 100 Component
|Predecessors||Paddy Power and Betfair|
Gary McGann, Chairman|
Peter Jackson, CEO
|Revenue||£1.75 billion (2017)|
|£392 million (2017)|
|£218 million (2017)|
Number of employees
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 March 2018, the company announced that it would be implementing an electronic self exclusion process through its in-shop app. The new system will replace the current paper based process, and will be implemented across the United Kingdom.
In May 2018, Paddy Power Betfair announced its intent to acquire FanDuel, one of the two leading DFS operators in the United States. The deal is part of an effort to bolster the company's U.S. assets following the overturning of a federal prohibition on sports betting. The company will pay $158 million and merge its existing U.S. operations with FanDuel, and hold a 61% controlling stake in the combined company, with the option to increase is stake to 80% after three years and 100% after five.
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 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.
- "Preliminary Results 2017" (PDF). Paddy Power Betfair. Retrieved 11 March 2018.
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- Roettgers, Janko (2018-05-23). "FanDuel Acquired by Paddy Power Betfair". Variety. Retrieved 2018-07-09.
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- "Divisions". www.paddypowerbetfair.com. Retrieved 2017-06-12.
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- @globalgallop, Shane Anderson -. "Huge Sportsbet result for Paddy Power". RACING.COM. Retrieved 2017-06-17.
- "Paddy Power Betfair to launch in US with betting exchange". The Irish Times. Retrieved 2017-06-17.
- Commission, Gambling. "Find licensees". secure.gamblingcommission.gov.uk. Retrieved 2018-02-24.