Paddy Power says proposed Betfair merger “very attractive”

Paddy Power believes its proposed merger with British rival Betfair is a very attractive opportunity to create the world's biggest online gaming company, the Irish bookmaker's chief financial officer said on Wednesday.

“We think this is a very attractive opportunity, the scale and capability is unsurpassed and would leave us in a much better place to compete in our current markets where competition is intense,” Paddy Power chief finanical officer Cormac McCarthy told Reuters in a telephone interview.

“We are enthused by this, we think it’s very attractive but at the moment it’s just a possibility and there’s a lot to be done in the coming weeks and months.”

The two firms said discussions were ongoing regarding some terms of the all-share merger that would create one of the world’s largest online betting and gaming groups with revenues of over €1.5 billion.

Shares in Paddy Power were trading up almost 16 per cent in Dublin this morning at €89.95.

Reuters