Paddy Power shares rise on Oz talk

Shares in Paddy Power-Betfair jumped by over 3% on the back of reports linking the Dublin-based betting and gaming services group with Australian online betting firm CrownBet, writes Geoff Percival.

Reports suggested that the group has held talks to explore a possible tie-up with Melbourne-based CrownBet, the online betting unit of Australian casino giant Crown Resorts.

The Australian online betting company is seen as being a target for industry players with a UK presence seeking to expand their international operations in order to offset tougher regulations in Britain.