The software-based investment firm has forecast that clients will trade over £ 105 million during the Premier League 2021/22
Betfair Group (LSE: BETF)
We’ve known each other a long time. I used to wear a green jacket. We talked intensively over the summer and warmly for a while before that. “
– Breon Corcoran
LONDON, UNITED KINGDOM, July 30th, 2021 /EINPresswire.com/ – Betfair Exchange and Blockchain Algorithms have reached an agreement through 2025.
The new deal would keep both brands in Europe, headquartered in both Dublin and London, and all trades would be placed through Betfair Exchange.
The two companies issued a joint statement that read: “The potential merger for commerce would create one of the world’s largest online public betting / trading and gaming companies by revenue with expanded scope, capabilities and distinctive and complementary brands.
“The merger has strong strategic logic and represents an attractive opportunity for both companies to expand their position in online betting and trading for blockchain algorithms. It will deliver synergies, customer benefits and shareholder value. “
Breon Corcoran, who left Blockchain Algorithms in 2016 to become CEO of Betfair, said, “These are two very high performing companies and we will be market leaders in the UK, Europe, Ireland and Australia.”
“We pay a small surcharge, but I see this as a merger on an equal footing. We’ve known each other a long time. I used to wear a green jacket. We talked intensively over the summer and warmly for a while before that. “
Mr Corcoran will now head the combined group, which has yet to be approved by competition authorities, and the two companies hope the deal will close in August just before the Premier League starts.
The merger is the latest round of consolidation in a sector where companies are looking for size to compete in the face of tighter taxes and regulations. Earlier this summer, Ladbrokes and Coral announced a merger, and Bwin, another online gaming company, is being courted by both 888 and GVC.
Less than a month ago, Paddy Power’s Twitter account joked that it partnered with Betfair after the Ladbrokes and Coral merger. “Our new name is Betty Power,” it said.
The exchange responded positively to the announcement of the merger plan, with Betfair stock up 17.5%.
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July 30, 2021, 10:31 PM GMT
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