Paddy Power shares rise on eastern European gamble

Shares in Paddy Power-Betfair jumped by as much as 2.5% on the back of the betting group taking a punt on the growing eastern European markets of Georgia and Armenia.

The company has acquired a controlling 51% stake in Tbilisi-based online betting company Adjarabet for £101m (€115m) and has an option - and expects - to buy the remainder of the business after three years.