Paddy Power ups stake in Sportsbet

Dublin: Bookmaker Paddy Power said yesterday it had increased its stake in Australia’s Sportsbet, strengthening its position beyond Europe.

Paddy Power said its stake had risen to 60.8% following the buyout of a 9.8% holding from a minority shareholder for AUS$13 million (€8.5m). Traders saw the increased stake as a sign that Paddy Power’s plans to expand beyond saturated British and Irish markets were a success.

“You can read into it that operations in Australia are going as well as, if not better than expected,” one Dublin-based trader said.