Published on 2 January 2016 by Rhi
Back in August it was announced that two gaming power houses, Betfair and Paddy Power were set to merge in a move that would shakeup the industry and create a super power, the likes of which has never been seen before. Paddy Power made their name on the high street, later moving online, successfully, where their high street competitors failed. Betfair began life online, as the worlds first online betting exchange, where gamblers would bet against each other, not the house.
Now, four months on from the original merger announcement, it has been confirmed that the move has been approved by the shareholders of both Betfair and Paddy. There is still a long way to go, as the action has still to gain approval by the court and the Consumer & Competition Protection Commission, however 99% of share holders at Paddy Power and Betfair approved, and the Competition Markets Authority is also onboard.
Merger to Complete in Q1
Providing all goes well with the relevant approvals, the merger is set to be completed during Q1 of 2016, a pretty fast turnaround for something of this size. Whilst the shareholders may be happy, it would seem that the employees of both companies have less to celebrate, with huge cuts planned to the workforce of both companies, in order to make up half of the £50million savings planned for the companies. This is a tough move and one that will affect hundreds, possibly thousands of workers and families, whilst ensuring that the new Paddy/Betfair company dominates both the high street and online market places.
Paddy Power Controversy
Paddy Power is constantly making headlines in the UK with their comedic advertising and often controversial betting markets, which cover almost everything, including betting on whether Oscar Pistorius ‘walks’ during his widely televised court case.