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Heard it on bloomburg
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More than a rumour. All the news sites have it, and it is surprising there is no announcement on the Betfair site itself. Could still be scuppered though.
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both shares up 18%
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one thread removed already earlier this morning
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All over the media, on the ATR website this morning. If the merger goes ahead the businesses will be re-branded as Paddy Power Betfair with Paddy Power shareholders holding 52% and Betfair 48%.
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Ladbrokes the big losers, perhaps, as their Purple purchase turned to ... well, nothing really.
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It's not as if they will suddenly change their business model and start taking bets, so for any punters apart from complete mugs there will be no noticeable difference.
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Another nail in the coffin of the exchange, I fear
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Betfair tipped to hold positions of CEO and Chairman in the combined company
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Talking of coffins, didn't Betfair carry Paddy's coffin through the streets of London a few years ago?
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(ShareCast News) - Betfair posted a rise in first-quarter revenue and core earnings on Wednesday and announced that it has agreed in principle to a possible merger with Paddy Power.
In a trading update for the three-month period ended 31 July, the company said revenue was up 15% from the first quarter of last year to £134.5m despite the comparative period containing the World Cup, with revenue from sustainable markets such as the UK, US and Australia, up 24% to £116.3m. Mobile revenues were 57% higher, with 75% of UK customers now using mobile, while earnings before interest, tax, depreciation and amortisation were 19% firmer at £41m. Chief executive officer Breon Corcoran said: "These results represent another strong performance. Double-digit revenue growth against the period containing the World Cup last year is particularly encouraging and was ahead of our expectations. "Betfair has continued to attract and retain customers through investment in our products, attractive pricing and market-leading promotions. The football season has started well, helped by increased brand investment. In time for kick-off we launched our 'More to Play For' advertising campaign across Sky Sports and BT Sport, signed new partnerships with five Premier League clubs and increased our presence on stadium perimeter boards." Sports revenue increased by 8% in the period, while gaming revenue rose 27%, driven by an increase in the number of Sports customers using these products for the first time and strong growth in mobile gaming. In a separate statement, Betfair said it has reached an agreement with Paddy Power on the key terms of a possible merger that would create one of the world's largest public online betting and gaming companies by revenue. |
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yer they did, they exclaimed death to the bookmaker and now they are 1 themselves. a merger with those irish nomarks would signal the end of the exchange.
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This isn't just the beginning of the end of exchanges,but of racing as we know it.The greed of these bookmakers knows no end.
They can't compete price-wise with the exchanges so they buy them out.They buy the Tote,they will soon be buying race courses. They already have the racing media in their pockets. Racing will go the way of dog racing as these leeches suck it dry. |
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It ain't going to be "one of the world's largest public online betting and gaming companies by revenue" when they have to ban every single one of their customers because they're arbing on Betfair.
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PP are prob after BF's arcade players.
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Also, S-J are merging with Ocean Finance, Chan-dlers are merging with Lidl and Bet-fred are merging with Abduls mobile phone accessory stall on Shrewsbury market.
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Very bad news for the exchange users I reckon. I haven't used an off course bookmaker in more than 10 years.
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very bad news? it's the end of betfair exchange. why would you want to merge with a hopeless square sided bookmaker like paddy power.
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Paddy Power and Betfair have agreed to merge to form one of the world’s biggest online betting and gaming companies, in the latest move to consolidate the gambling industry.
Under the terms of the deal, Paddy Power shareholders would own 52% of the company and Betfair shareholders would own 48%. Betfair’s chief executive, Breon Corcoran, who joined from Paddy Power three years ago, will run the company. Paddy Power’s chief executive, Andy McCue, would be chief operating officer. Gary McGann, chairman of Paddy Power, would chair the combined company. Live Chinese stock market hits eight-month low as sell-off continues - live updates Latest updates as world markets continue to seesaw in the wake of China’s Black Monday Read more The deal would combine Paddy Power, the aggressive Irish bookmaker that courts controversy and operates on UK and Irish high streets and online, with Betfair’s online gambling exchange, which lets punters bet against each other in real time instead of accepting bookies’ odds. The combined company would have revenues of more than £1.1bn, greater scale to compete for customers and brands that complement each other, they said. It would also have opportunities to expand in Europe, the US and Australia and to cut costs. Paddy Power and Betfair said: “The combination has compelling strategic logic and represents an attractive opportunity for both companies to enhance their position in online betting and gaming and to deliver synergies, customer benefits and shareholder value.” The companies announced the deal two months after Ladbrokes and Gala Coral revealed plans to create the UK’s biggest bookmaker. In other strategic moves, online gaming group 888 has agreed to buy its rival Bwin.party but GVC Holding, owner of Sportingbet, is trying to hijack the deal to buy Bwin. The flurry of dealmaking in the gambling sector is the result of new taxes on online gambling around the world and the need to invest in marketing and technology to compete in the fast-changing world of internet betting. Corcoran has been credited with turning around the fortunes of Betfair. Since taking the helm, he has increased UK customer numbers by 250% and Betfair’s share value has risen from about £750m to £2.4bn. The company has developed an online conventional bookmaking service to complement the betting exchange product. |
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Deal is done for the benefit of the Executives as always; never for the benefit of customers, employees or shareholders.
The true face of current capitalism (and no before some be11end says it, I am not a communist!). |
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Not enough percentage profit margin in an exchange for the capitalist world we live in unfortunately.
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what with 40/50% PC/C >?
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What percentage pays that, delta?
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too many
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I hav original Nokia phone,nae mobile bets for me
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The amount of people paying PC on here is a mere drop in the ocean as far as profits go.
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Dave "Deal is done for the benefit of the Executives as always; never for the benefit of customers, employees or shareholders.
The true face of current capitalism (and no before some be11end says it, I am not a communist!)". It's always been thus Dave. |
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All those shiny new mug sportsbook customers will also be losing plenty of money in the casino, live casino, poker, exchange games, arcade, vegas slots and bingo.
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So they are saying that the new company will be better for the customer and share holders than the sum of it's two parts (the reference to
synergies). In that case they can afford to lower their commission! |
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RADGEPOT 26 Aug 15 09:44
Aug 26, 2015 -- 9:42AM, sparrow wrote: The amount of people paying PC on here is a mere drop in the ocean as far as profits go. Why not get rid of it then? Laugh Thay will be getting rid of it along with the whole exchange business. |
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RADGEPOT 26 Aug 15 09:44 Joined: 13 Jun 02 | Topic/replies: 313 | Blogger: RADGEPOT's blog
Aug 26, 2015 -- 9:42AM, sparrow wrote: The amount of people paying PC on here is a mere drop in the ocean as far as profits go. Why not get rid of it then? Because profit isn't the purpose of the PC. It's supposed to act to discourage punters who win often but lose rarely, as they drain the liquidity from the exchange. That's why punters who profit by winning big and losing small are unaffected by it. |
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13th May 2013 - The Day Betfair Died.
Today just the spawn of that event. Lasted 13 years or so and was a real good thing for nearly a decade of those - suppose most good things in life don't last that long so this place had a good run. |
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Was that the day Breon Corcoran fought off CVC's attempt to take over the company and restore the primacy of the exchange?
Clear now in whose long-term interests Corcoran has really been working since arriving from P Power. |
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^Hopefully a new successful exchange will pop up as there is now a distinct gap in the market and the whole process will repeat itself.
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There is no way that the exchange will end. They largely have a monopoly on the exchange. If they did end it, they would then just become another bookmaker, competing with the others on price comparison and offers. The exchange represents a virtually guaranteed income stream, which runs alongside what will now be a much larger sportsbook.
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Horse racing and Greyhound racing should start their own exchange, with some of the profits going back into reduced track entry, improved facilities and increased prize money. When Baldie's t0te contract ends, they should also start an all pools, low margin t0te, with the same conditions as above.
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That's not how shareholders' minds work, Stow_judge. They will see thousands of punters losing x% of turnover via commission on the exchange, when they could be losing ten times that amount on the traditional P Power site.
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How would you price up the end of the Betfair exchange by the end of 2017?
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Stow_judge 26 Aug 15 10:11
Horse racing and Greyhound racing should start their own exchange, with some of the profits going back into reduced track entry, improved facilities and increased prize money. When Baldie's t0te contract ends, they should also start an all pools, low margin t0te, with the same conditions as above. They had their chance to start an exchange for the industry but decided to sell the tote to a bookmaker. |
