Paddy Power and Betfair agree £5bn merger

Paddy Power and Betfair have agreed on a £5bn merger to create one of the world’s largest online gambling businesses, with more than 7,000 staff and £1.2bn in sales.

The companies confirmed details of the tie-up after revealing the plans last month, marking the latest in a string of deals in the industry as it faces new taxes on online gambling and the need to invest in marketing and technology.