Poker Business: Paddy Power, Betfair Announce Deal Is Worth $3.2 BillionNow More Than $12B Worth Of Deals This Year For Gambling Sector |
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Just days after GVC Holdings emerged as the winner in the bid for Bwin.Party Digital Entertainment, Paddy Power and Betfair, two other leading online gambling firms, said that their merger, which was announced last month, is worth 2.87 billion pounds ($3.2 billion).
It will now be the biggest publicly listed online gambling company in the world, according to Bloomberg. The new company is to be called Paddy Power Betfair. Paddy Power is the offeror, as Paddy Power shareholders will own 52 percent, and Betfair shareholders will own 48 percent, of the new company.
Bloomberg reported that within the sector more than $12 billion in spending on acquisitions has been announced this year, as the online gambling industry has seen major consolidation in recent months.
In addition to GVC beating out 888 for Bwin in a deal worth roughly $1.71 billion and the Paddy Power-Betfair merger, Amaya Gaming Group purchased PokerStars, the world’s most visited poker site, last year for $4.9 billion. In February, William Hill’s $1.1 billion bid for 888 was turned down.
This summer, Bwin sold the World Poker Tour to Chinese firm Ourgame.
The social casino gaming realm has also seen acquisitions recently. In April, the Game Show Network acquired Idle Gaming, the creator of the social game “Fresh Deck Poker.”
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