Paddy Power Betfair merges with Poker Stars

Thursday 3 October 2019 00:02 CET | News

Paddy Power Betfair has agreed to buy Poker Stars in a USD 6 billion share deal to create a new online betting and gambling company, Reuters reports.

The merger is the response to the opportunity created by the relaxation of rules on sports betting in the US. The merged group will have its headquarters in Dublin and its main listing in London. Shareholders in Flutter would own approximately 54.64% of the new company, with TSG shareholders owning the remainder.

The new group will partner with FOX Sports in the US, which will have the right to acquire an 18.5% stake in Flutter’s FanDuel US business from 2021.

The combined group will serve customers in over 100 countries. Currently, approximately half of its current income is generated in the UK and Ireland, with 15% in Australia, 5% in the US and 31% from the rest of the world.

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Keywords: Paddy Power Betfair, merger, Poker Stars, online gaming
Countries: World