Paddy Power ‘not to buy’ rival Oz assets

Paddy Power ‘not to buy’ rival Oz assets

By Geoff Percival

Paddy Power-Betfair is understood not to be in the running to acquire the Australian arm of British betting firm William Hill.

William Hill’s Australian business is on the block after exceptional charges pushed its parent into overall loss-making territory for the first time in three years last year. Analysts expect a preferred bidder to be announced in the coming days.

UK groups such as Ladbrokes and Bet365 have been linked with a bid, as has Sportsbet, Paddy Power- Betfair’s Australian online subsidiary.

However, one industry source said the latter is not in the mix.

Regulatory and tax changes look set to usher in a wave of consolidation in Australia’s online betting market, with existing players needing to scale-up to offset higher taxes.

Both Paddy Power and William Hill had been linked to a majority stake in local player CrownBet, which has just been acquired by Canadian gambling business Stars Group. Under its new ownership, CrownBet has now been linked to a move for William Hill Australia.

Sportsbet is viewed as being Paddy Power-Betfair’s most probable route to acquisition. The group’s shares were hit badly in January on the back of the boss of its Australian unit leaving

the business

and analysts casting doubt on it meeting its online revenue growth targets. Paddy Power shares were marginally down yesterday.

Davy said the strategic value of William Hill Australia has “arguably now risen” with other operators “presumably keen to block Stars from further increasing its scale in the [Australian online] market.”

More in this Section

Glenveagh shares tumble on CEO departure and industry outlookGlenveagh shares tumble on CEO departure and industry outlook

Expanded pharmacy group posts €5m lossExpanded pharmacy group posts €5m loss

Kingspan readies €600m warchest to mitigate BrexitKingspan readies €600m warchest to mitigate Brexit

Aviva Stadium in the red despite All Blacks success and Billy Joel concertAviva Stadium in the red despite All Blacks success and Billy Joel concert


These green pancakes are topped with avocado, tomato and cottage cheese.How to make Jamie Oliver’s super spinach pancakes

Who else can pull off a look described as a ‘hip-hop Michelin woman’?As her new EP drops, this is why there will never be a style icon quite like Missy Elliott

The classic white-tipped look is once again in favour, and celebs are loving it.The French manicure is back – 5 modern ways to try the trend

The A-Listers hiding in plain sight: As Rihanna is spotted at the cricket, who are the celebs who have been living under our noses in Ireland? Ed Power reports.Celebs in plain sight: The A-Listers living under our noses in Ireland

More From The Irish Examiner