How gambling company stops people winning
FILE PHOTO: Paddy Power logo is seen behind a keyboard and gambling dice in this illustration taken in Sarajevo, Biggest gambling companies in australia 10, 2015.
Lformerly known as Paddy Power Betfair, is to combine with Nasdaq- and Toronto-listed Stars Group Inc TSG TSGI.
TOowner of Poker Stars, the companies said on Wednesday.
Shares in Flutter jumped 20 percent, while gambling rivals GVC GVC.
L and William Hill WMH.
L were also gambling companies by the prospect of further consolidation.
ADVERTISEMENT The merger is the latest in a series of deals as the industry responds to the growing number of gamblers using online and mobile devices and the opportunity created by the relaxation of rules on sports betting in the United States.
Combined annual revenues would have totaled 3.
Flutter CEO Peter Jackson, who will retain his role in the combined group, said the deal would "turbocharge" Flutter's existing strategy and "provide world-class capabilities across sports betting, gaming, daily fantasy sports and poker, as well as greater geographical and product diversification.
Shareholders in Flutter would own approximately 54.
FOX BACKING ADVERTISEMENT The merged group will be boosted by a partnership in the United States with FOX Sports, which will have the right to biggest gambling companies in australia an 18.
The Murdochs' Fox Corp FOXA.
O launched the FOX Bet sports betting platform last month in New Jersey in partnership with The Stars Group.
Dublin-based Flutter merged its U.
Flutter has sharpened its focus on North America as the potentially huge U.
ADVERTISEMENT The combined group will serve customers in more than 100 countries.
Around half of its current income is generated in Britain and Ireland, with 15 percent in Australia, 5 percent in the United States and 31% from the rest of the world.
Betting exchange Betfair and Paddy Power, which runs high street betting shops as well as an online business, merged in 2016, although the integration took longer than anticipated and a toll on product investment for a time.
The merger is expected to deliver pretax cost synergies of 140 million pounds per year, along with opportunities to cross-sell products to one another's customers in international markets and lower finance costs, the companies said.
The deal is also expected to boost Flutter's underlying earnings per share by at least 50 percent in the first full financial year following completion.
Under the terms of the merger, TSG shareholders will be entitled to 0.
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