Launches and sign-ups 2 September 2015
Launches and sign-ups from the egaming industry in the last seven days (27 August 2015 to 2 September 2015)
Betfair and Paddy Power reveal merger talks
Operators reveal talks are ongoing to create a new dual-brand combined entity with revenues of more than £1.1bn
Betfair and Paddy Power are in talks over a potential mega-merger which would create a new online gambling giant with combined revenues of more than £1.1bn.
Under the terms of the deal, Paddy Power shareholders would own 52% and Betfair shareholders 48% of the new combined entity which would maintain a dual-brand strategy throughout Europe.
The two operators announced last week the new structure is still being finalised but if completed would see Betfair’s current CEO Breon Corcoran become CEO of the group, while Paddy Power CEO Andy McCue would become COO and executive director.
Corcoran, who was previously COO of Paddy Power before joining Betfair in 2012, described the proposed merger with Paddy Power as being “hugely exciting”.
Paddy Power Betfair to be done by December, but questions remain
Betfair’s agreed merger with Paddy Power could be closed as soon as December, Betfair CEO Breon Corcoran said in an analysts’ call last week.
While Corcoran did concede a January closure was more likely and that regulatory hold-ups in Ireland might even delay it until March, the man who will head up the combined group was more evasive on what the deal might actually mean for the firm he joined from Paddy Power in 2011.
Asked about whether Paddy Power’s sportsbook would be linked to Betfair’s exchange, Corcoran said that he saw such a link as a “platform for further revenue growth”, but added that further details wouldn’t be revealed until both firms sit down to discuss the options.
Seven days in launches and sign-ups:
888 ups the ante in battle to acquire bwin.party
888 upped the stakes in its battle with GVC Holdings yesterday with the Gibraltar-based firm submitting a revised proposal to acquire bwin.party in its entirety.
Bwin.party issued a statement confirming it had received the revised proposal, but neither 888 nor bwin.party offered any specific detail on the value or structure of the bid.
Bwin.party said it was evaluating 888’s proposal together with one received from GVC back in August, and intends to consult with its shareholders “in the coming days” before making a final decision.
BetBright launches fantasy football betting
BetBright is aiming to reach out to a wider demographic after launching a range of new betting markets based on the official Fantasy Premier League football competition.
The Fantasy Football Betting feature offers prices on a variety of markets including top weekly fantasy points scoring team, midfielder, striker and player based on the Barclays Premier League’s official fantasy football product.
BetBright’s director of sportsbook Noel Hayes, who joined the operator from Tote Ireland earlier this year, told eGaming Review he was confident the concept of fantasy football betting will drive engagement across its customer base.
Further acquisitions on the cards, says Cherry CEO
Swedish operator Cherry is prepared to buy its way into the UK and Dutch market, the operator’s CEO Fredrik Burvall told eGaming Review after last week’s encouraging H1 results.
The firm reported a 55% increase in online revenues for the first six months of the year, with growth expected to accelerate further following the 4.6m acquisition of Germany-facing casino operator Almor.
Burvall said Cherry will continue to grow ahead of the market while the firm’s online business should to return to profit in Q3 after acquisition costs and marketing spend led to an EBITDA loss for the first six months of the year.