Paddy Power ups foothold in market Down Under

PADDY Power has further extended its new foothold in the Australian betting market on the back of its new subsidiary there – Sportsbet – agreeing to acquire local online betting company International All Sports (IAS).

At its annual general meeting, last month Paddy Power announced it had bought a 51% stake in Sportsbet – the leading online betting operation in Australia – for just over €27 million, with the option to buy it outright at a later date. Yesterday, Sportsbet announced the overall acquisition of the previously Australian Stock Exchange-listed IAS in which it already held a near 20% stake. The deal values IAS at €22.4m.

Paddy Power chief executive Patrick Kennedy said that IAS will complement Sportsbet, creating “by some distance, the largest corporate bookmaking business in Australia.”