Paddy Power and Betfair Enters Incredible Gambling Partnership

In efforts to provide better gambling services to their players, Paddy Power decided to team up with Betfair.

According to the reports by online gambling sites in the UK, directory boards of Paddy Power and Betfair have agreed on entering a gambling partnership. Due to the new agreement, the two world famous online bookmakers merged in a GBP 5 billion deal on Wednesday morning.

The exact details involved in the entire deal are still not finalized, according to online gambling websites. However it is known that 52% of the merged business will be given to shareholders of Paddy Power, meaning Betfair owners will be in slight minority with their 48%. Breon Corcoran, who used to work for Paddy Power and is employed as Betfair’s CEO currently, will be the new firm’s chief executive officer.

Corcoran has high expectations of the gambling partnership

UK gambling news report that the purpose of the two sportsbooks’ merger is to become an industry leader. Corcoran told BBC News that their aim is “to have a market-leading position in the UK, Ireland, Australia and in the United States.” They believe that they can achieve that by merging two successful online bookmakers.

According to financial reports in 2014, Betfair was the 6th most successful interactive gambling company thanks to their gross gaming yields (GGY) of GBP 393,6 million. Paddy Power was 5th on the list thanks to their GGY being GBP 438,6 million. Their aim with the gambling partnership is to take over Bet365, who were ranked first with their GBP 1,28 billion GGY income.