Paddy Power in Australian move

BOOKMAKER Paddy Power has significantly expanded its international reach by entering the Australian market, via the A$48.5 million (€27.2m) purchase of a controlling stake in the Darwin-based online betting company, Sportsbet.

The initial consideration will see Paddy Power gain a 51% stake in the Australian firm, with an option in place to buy the remaining 49% at a later date.

In addition, the Irish firm will also pay Sportsbet a further A$10m (€5.6m) early next year, should the Australian company generate earnings before interest, tax, depreciation and amortisation of more than A$16.5m (€9.2m).