The landscape of the gambling industry has changed considerably this morning after confirmation was made to investors of the completion of the merger of Paddy Power owner, Flutter Entertainment and the Stars Group.
The newly merged gambling giant, is valued at around £10bn and operates some of the largest branded names in the industry, with Sky Bet, Paddy Power and Betfair being brought together under the same company umbrella.
With a combined revenue of nearly £4bn based on 2018’s figures, the combined group is now the largest global gambling company, after shareholders of both companies approved the deal this morning.
Flutter Group Chief Executive Officer, Peter Jackson, commenting moments before the deal was rubber stamped, said: “The enlarged group brings together exceptional brands, products and businesses, a hugely talented and experienced team, and a diverse global presence.”
“The strength of our combined portfolio of assets means that we approach the future with confidence in these uncertain times. “
“Both businesses have a strong legacy of leadership when it comes to responsible gambling. As a combination, we are determined to deliver on our commitment to drive a race to the top when it comes to responsible gambling best practice across the sector.”