Bookies eye huge savings in tie-up

Paddy Power and Betfair hope to complete their planned merger during the first quarter of 2016, with shareholders likely to vote on the matter in December.

The two betting and gaming services companies yesterday expanded on their initial announcement, made last month, for the creation of a £5bn (€7bn) merged entity.

It was already known that the new company — which also requires regulatory approval in Ireland and Britain — will be called Paddy Power Betfair plc and will be a 52%-48% split in favour of the Irish company.