Paddy Power open to more deals as industry shrinks

Enlarged betting services provider Paddy Power-Betfair has said it remains open to conducting more acquisitions — noting that further consolidation in its industry seems “inevitable”.

Presenting the group’s first set of results since its merger earlier this year, chief executive Breon Corcoran yesterday said it is understandable that Paddy Power-Betfair is being linked with possible further merger and acquisition (M&A) activity, noting its highly cash generative status, strong balance sheet, and ambitious management team and said that “further consolidation is probably inevitable”.

However, he said that nothing is in the pipeline at present and further cash could be returned to shareholders, down the line, if no M&A or other capital deployment options are identified.