Most people know that Paddy Power is the largest gambling provider in Ireland. They have many shops and have become a staple in online gambling. They offer every type of sports betting from horse racing to soccer and football to darts and beyond. They have an impressive list of online casino games including a new live dealer room as well as online poker and spread trading. When online gambling is discussed, Paddy Power is usually at the top of the list. On the other side of the world in Australia SportsBet.com is the largest Australian online sports gambling service. Being the largest in their respective countries is only one thing these two online gambling companies have in common. Soon they will have much more.
Back in 2009 Paddy Power started brokering a deal with the Australian online gambling site to acquire large amounts of shares. The Irish online gambling company quickly became a majority stock holder of SportsBet with an ownership of over fifty-one percent. By February of 2010 Paddy Power owned sixty percent of SportsBet. As part of these deals Paddy Power had until 2012 to finish the takeover and own all of SportsBet. It does not appear that Paddy Power needed that long. The recently announced that they will be completing the deal and buy the rest of SportsBet stock.
An announcement was made recently that Paddy Power would purchase the Australian online gambling sites remaining stock for a little over $132 million. “We were confident that we were investing in a business with strong potential in a growing market,” stated Chief Executive Officer for Paddy Power, Patrick Kennedy. “That confidence has been borne out.” There are many stipulations that go with the sale. First, there is an obligation to certain SportsBet employees who have been guaranteed their jobs. Then there is a consideration dependent on earnings. This could make Paddy Power one of the biggest, if not the widest used online sports gambling companies in the world.
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