10.45am Companies will create £5bn new Paddy Power Betfair firm
Tony Paley: Paddy Power and Betfair have come to an agreement for a £5bn merger to create one of the world’s largest online gambling businesses.
The companies confirmed details of the tie-up on Tuesday follwojg an initial announcement of plans last month. The combined group - to be called Paddy Power Betfair - will have its headquarters in Dublin and is set to maintain a “significant presence” in the UK and Ireland.
They will continue to run separate brands in the UK, Ireland and Italy after the merger, which will see Paddy Power shareholders own 52% of the combined business, with Betfair investors owning the remaining 48%. But the firms warned of job losses under plans for around £50m in annual cost savings after the merger.
Gary McGann, chairman of Paddy Power, said: “The merger of Paddy Power and Betfair will create a company of world class capability and people who will deliver substantial up-front synergies and a platform for very exciting business expansion.”
Gerald Corbett, chairman of Betfair, added the deal makes “huge strategic sense by bringing together two industry leading and successful businesses and providing enlarged scale, capability and distinctive, complementary brands”.
Consolidation in the gambling sector has been in the news over the past few months, with rivals Ladbrokes and Gala Coral agreeing a merger in July to create a £2.3bn gambling giant, which is expected to overtake the UK’s biggest bookmaker William Hill. The deal is conditional on approval from the Competition and Markets Authority.
Tuesday’s best bets, by Greg Wood
The scratching of Hot Streak, third home in last year’s King’s Stand Stakes at Royal Ascot, from his intended debut for new trainer Robert Cowell has removed a good deal of the interest from the conditions sprint at Leicester.
It remains a competitive heat, however, with a book that is currently less than 1pc over-round at best prices, and Justice Day (4.00) is a very fair price at 6-4 with his main market rival now missing. David Elsworth’s sprinter was down the field in the Group One Nunthorpe Stakes last time out, but has several pounds in hand of his four rivals on the balance of his form and should make the most of today’s drop in class.
High And Flighty (3.30) did more than enough when winning a maiden early last month to suggest that she can make a successful transition to handicap company off a mark of 78, while at Redcar, Zaeem (3.50) can reverse recent course-and-distance form with Abushamah in the one-mile handicap. Ivan Furtado’s gelding is 4lb better off for one-and-three-quarter lengths and should show the benefit of his recent run having been off for eight weeks before his latest start.
Tipping competition, day two
Our winners so far:
Monday
Equity Risk 4-1
Equally Fast 14-1
Light Wave 8-1
And our leader is …
Knottlamag +17
… who is clearly equipped for equine questions, having picked Equity Risk and Equally Fast. Sportingbest, kingklynch and spudpwt all had Equally Fast and are on +12.
Today, we’d like your tips, please, for these races: 3.50 Redcar, 4.00 Leicester, 4.35 Leicester.
This week’s prize is a pair of County enclosure tickets to Doncaster for the St Leger a week on Saturday, on 12 September, kindly offered by the racecourse. If you don’t win, you can buy tickets to any of the four days of the Leger festival here.
As ever, our champion will be the tipster who returns the best profit to notional level stakes of £1 at starting price on our nominated races, of which there will be three each day up until Friday. Non-runners count as losers. If you have not joined in so far this week, you are welcome to do so today, but you will start on -3.
In the event of a tie at the end of the week, the winner will be the tipster who, from among those tied on the highest score, posted their tips earliest on the final day.
For terms and conditions click here.
Good luck!
And post your tips or racing-related comments below.
