Select your timezone: Select

Paddy Power

Reply Subscribe
Paddy Power, Betfred pull new products after warning

Bookmakers Paddy Power and Betfred have pulled new retail products following a warning from the Gambling Commission and both operators could yet face regulatory action.

A third bookmaker, also poised to launch a new product as reported in the media, has also been warned.

This week saw the introduction of a reduction to £2 from £100 of maximum stakes on FOBTs, with the regulator concerned that the new products “undermine” the changes made.

The Commission said it may also investigate key senior staff at bookmakers responsible for bringing those products to market.

The announcement follows a letter from the Commission’s chief executive Neil McArthur to bookmakers warning the industry against any attempts to circumvent the FOBT stake cut and reminding them of their responsibilities to ensure their consumers are protected. 

Richard Watson, executive director for enforcement, said: “We have been absolutely clear with operators about our expectations to act responsibly following the stake cut implementation this week. We have told operators to take down new products which undermine the changes, and we will investigate any other products that are not within the spirit and intention of the new rules.’’
Quote
0
Paddy Power Betfair bullish on US prospects in Q1 trading update

Betting and gaming operator group Paddy Power Betfair, parent company of the FanDuel Group, has posted a Q1 update featuring strong year-on-year growth, fueled by solid performance in a number of its key markets. The US came in for high praise from CEO Peter Jackson who cited FanDuel’s leading position in New Jersey among other stateside highlights.

Group-wise, total revenue in the quarter (unaudited) was $625m, up 17 per cent against the same period in 2018. The firm pointed to “excellent growth” in Australia, the US and across its European business, with Sportsbet, FanDuel and the recently acquired Adjarabet all credited.

Gaming performed particularly well, jumping 26 per cent year on year, to $174m, although this is barely a quarter of overall group revenue, with betting remaining dominant.

Focusing on America, Jackson noted: “In the US, FanDuel Group is making huge progress, with our unique proposition of brand, product offering, existing fantasy customer base, US market experience and global sports betting expertise driving a Q1 New Jersey sports betting market share of 50%.

“In the US, FanDuel remains well positioned to generate good returns on ongoing sports betting investment and for the rest of the group we remain on track to meet our full year profit expectations despite the adverse sports results in Q1. We remain excited about the growth opportunities that lie ahead for the group.”

Putting that into figures, Jackson added: “US revenue increased 47% with good underlying growth in our non-sportsbook businesses (up 12%), supplemented by $24m of sports betting net revenue. Betfair Casino growth (up 83%) has accelerated due to sportsbook cross-sell and as a result, our New Jersey casino market share increased to 14% in Q1 2019 from a steady 11% over the previous two years.

“Total sports betting stakes in Q1 were $598m on which we generated gross revenue of $33m, more than double the revenue generated in Q4 2018. Across the first quarter, FanDuel was the number one brand in New Jersey with 50% share of market revenues. In addition, we launched our retail sportsbook in Pennsylvania in March, with online expected to follow in the coming months.”
Quote
0
Paddy Power Betfair secures £250m loan facility

embeded-image

Paddy Power Betfair has agreed an additional £250m loan facility, the bookmaker announced on Monday.

The company said the additional term loan facility, which will run for an initial period of 18 months with an option to extend it by a further 12, provided it with "further strategic financial flexibility".

The latest agreement takes Paddy Power's total available committed bank loan facilities to £700m, as it already has a £450m five-year revolving credit facility in place.

In a statement, Paddy Power confirmed there would be "no material change to the group’s effective cost of debt" as a result of this new facility

It continued: "The group’s balance sheet remains strong and we continue to target a medium-term leverage range of between 1x and 2x net debt to earnings before interest, tax, depreciation and amortisation."

Earlier this month, Paddy Power said like-for-like first-quarter revenues had risen 17% to £478m, while total revenues in the US jumped 47% to £78m. The FTSE 100 firm was one of the first bookmakers to enter the US market after a federal ban on sports betting was lifted a year ago, and operates under the FanDuel brand. Paddy Power said it was continuing to see "good returns" on its US investment.
Quote
0
embeded-image

Paddy Power Betfair shareholders back ‘Flutter Entertainment’ rebrand

Paddy Power Betfair shareholders have backed the group’s proposition to rebrand as Flutter Entertainments, as confirmed as part of an annual general meeting for the operator.

The Paddy Power Betfair chairman, Gary McGann, has confirmed that a 99.8 per cent majority of shareholders voting by proxy backed the move to rebrand the group, as it seeks to reflect the group’s growing brand portfolio.

The notice of the annual general meeting for Paddy Power Betfair notes: “In Resolution 12, shareholders are being asked to pass a special resolution authorising the Company to change its name to Flutter Entertainment plc and amending the Memorandum and Articles of Association of the Company to reflect such change.

“We believe that the corporate name of the Group should be reflective of the broader business and not just specific brands operated by the Group. Therefore, we consider that this is the correct decision in the context of the Group operating a growing number of diverse brands and operations.”

The group has strengthened its global portfolio in recent months via a merger and acquisition drive. In February of this year, the group acquired a 51 per cent stake in Georgian operator Adjarabet for an initial cash consideration totalling £101m. While in May 2018, Paddy Power Betfair agreed to merge its Betfair U.S. division with fantasy sports operator FanDuel.

Paddy Power Betfair has previously stressed that its 2019 strategy will involve targeting a number of additional organic M&A opportunities across the world.
Quote
0
embeded-image

Paddy Power Betfair begins life as Flutter Entertainment

The governance of FTSE100 gambling group Paddy Power Betfair Plc has confirmed that it has officially sanctioned the firm’s corporate rebrand to ‘Flutter Entertainment Plc’.

The Flutter Entertainment rebrand was approved outright (99%) by company shareholders at the firm’s 15 May 2019 AGM.

As previously communicated, the FTSE betting group undertakes the rebrand to ‘better reflect its broader business’ within a changing global gambling sector.

Undertaking significant M&A investments, with the aim to boost the betting group’s global profile, during the past year Paddy Power Betfair has added US DFS operator FanDuel and Georgian operator Adjarabet to its portfolio of assets.

The company’s executive team has supported the rebrand, stating that Flutter Entertainment will accommodate the firm’s flagship brands Paddy Power and Betfair with its new market assets of FanDuel and Adjarabet, marking a new era for the UK betting group.

The corporate rebrand is implemented effective immediately, with Flutter Entertainment Plc trading under the ticker symbol of ‘FLTR’ on its shared placement on the London FTSE and Euronext Dublin exchanges.
Quote
0
embeded-image

Paddy Power breaks with marketing norms to sponsor Huddersfield Town

Paddy Power marketing has broken with tradition after announcing that it has become the official shirt sponsor of Huddersfield Town FC for the upcoming 2019/20 Championship football season.

The partnership marks the first time that the Irish legacy bookmaker will appear on an English football shirt, with Paddy Power marketing announcing that it has secured ‘the most lucrative sponsorship deal outside of the Premier League’.

The Huddersfield Town sponsorship marks a significant U-turn for Paddy Power with regards to football marketing, as the bookmaker has previously stated that English football sponsorships hold little value with regards to long term investments.

Updating the market, Paddy Power’s Brand Marketing Director Michelle Spillane said: “We are excited to announce that we are Huddersfield Town’s shirt sponsor this season. They’re a club which, first and foremost, value their fans and know what it means to be a football supporter. We’re confident this deal will bring some bite and bark to The Terriers’ upcoming season.”

Having suffered relegation to the Championship last campaign, Huddersfield has taken a step in the right direction to reclaiming a place in the Premier League by signing with the Irish bookmakers.

Huddersfield Town Commercial Director Sean Jarvis commented: “The front-of-shirt sponsorship is very important to the Club and it was vital that we stayed patient to get the right commercial deal. We did that and it’s paid huge dividends through this new relationship with one of the most modern-thinking, pro-active businesses in Paddy Power.”

Fans of the West Yorkshire side won’t have to wait long to see their new strip, with the club announcing the home kit will be revealed on Wednesday 17th July.
Quote
0
Paddy Power brokers first shirt sponsorship deal with Huddersfield Town

Irreverent bookmaker Paddy Power has made its first foray into the domain of shirt sponsorship with Huddersfield Town for the 2019/20 season.

The deal spans the home, away and third kit with designs set to be unveiled this Wednesday (17 July).

Explaining the decision to back Huddersfield Town, Paddy Power’s brand marketing director Michelle Spillane commented: “They’re a club which, first and foremost, value their fans and know what it means to be a football supporter. We’re confident this deal will bring some bite and bark to The Terriers’ upcoming season.”

Huddersfield Town commercial director Sean Jarvis added: “The front-of-shirt sponsorship is very important to the club and it was vital that we stayed patient to get the right commercial deal. We did that and it’s paid huge dividends through this new relationship with one of the most modern-thinking, pro-active businesses in Paddy Power.

“This represents the largest shirt sponsorship deal for Huddersfield Town outside the Premier League.”

The tie-up marks a surprisingly traditional form of promotional activity for a bookmaker better known for masterminding headline-grabbing stunts, including drafting Eric Cantona to offer Brits a customized ‘Brexit Bunker’.
Quote
0
embeded-image

Paddy Power announces Motherwell as ‘Unsponsorship partner’

Motherwell of the Scottish Premier League, have joined Huddersfield Town in becoming the second professional football team to join Paddy Power’s Save Our Shirt campaign.

Unlike with ‘The Terriers’, no hoax kit was released prior to the official launch, with the news of the sponsorship receiving no media attention until now.

A spokesman for Paddy Power announced the partnership: “Motherwell are the second club to join the Save Our Shirt campaign, which sees us give something back to the fans – namely, their shirt. We’re delighted that The Well are joining in the fun for the upcoming campaign and we’ve been impressed with their ability to keep their involvement top secret, despite all the noise of the past week. We’ve been planning this with them for months. ”

The deal is seemingly identical to the one the bookmakers have with Huddersfield, as Paddy Power are now Motherwell’s title sponsor.

As their main sponsor, the operators are entitled to utilise the front-of-shirt for sponsorship, however, the ‘unsponsored’ kits will have no Paddy Power logo whatsoever.

Motherwell chairman Jim McMahon, thanked the operator for their support, commenting: “Paddy Power are forward thinking and innovative, and it is a mark of how our fan-owned club is perceived in the world that we were able to attract such a high-calibre partner. We thank them for their support and look forward to working with them over the course of the season.”

The Save Our Shirt campaign has certainly sparked discussion within the football community, with a multitude of mocked up ‘unsponsored’ kits appearing throughout social media.

As was said when the Huddersfield announcement was made, Paddy Power concluded by stating: “We know our place, and it’s not on your shirt.”
Quote
0
embeded-image

Paddy Power unveils Newport County as third SoS supporter

After recently unveiling both the Huddersfield Town and Motherwell kits, Paddy Power has added a third football club to it’s books, in the form of League Two side Newport County.

The club, which go by the name ‘The Exiles’, announced the deal last night on TalkSPORT before taking on Weston-super-Mare in a pre-season friendly.

Similarly to the statement released for Huddersfield and Motherwell, a spokesman for Paddy Power relayed the excitement, stating: “Newport County are the latest team to join our Save Our Shirt movement, which sees their shirt go sponsor-free for the upcoming season. We’re sure the fans are excited to shed their sponsor as they head into League Two following their play-off heroics.”

Unlike previous announcements, Newport’s unveiling sets them out from the rest by virtue of having it’s kit designed by a County fan.

Neal Heard, football shirt expert and author, commented on the opportunity to design the kit: “It was a treat to get free reign over the design of a ‘pure’ kit – free of a sponsor’s logo – for my club, Newport County. It’s a great campaign to give the shirt back to the fans, and it was a pleasure to design it.”

As always, the partnership has been labelled as a way to give something back to the fans, with both the club and bookmaker expressing how excited the supporters are.

Newport’s Operational Chairman, Gavin Foxal, reiterated the importance of the deal, concluding: “This is a significant deal for the club, not just from a financial perspective but also being part of the high-profile Save Our Shirt campaign. As a supporter-owned club we felt the fit was right.”
Quote
0
Paddy Power adds more teams to ‘Save Our Shirt’ campaign

Bookmaker Paddy Power has expanded its ‘Save Our Shirt’ football sponsorship campaign by signing up English League One club Southend United and League Two team Macclesfield Town.

Paddy Power will sponsor both teams for the 2019-20 season, but will forgo its front-of-shirt branding exposure in line with its new campaign.

Launched through a partnership with English Championship club Huddersfield Town, Save Our Shirt sees Paddy Power call for betting operators to stop striking shirt sponsorship deals with football clubs.

“This is a record-breaking deal for the club, commercially, but also a huge victory for the fans and everyone associated with Southend United,” Southend’s head of commercial, Rhys Ellingham, said.

“We’ve been patiently waiting to announce that we are joining Save Our Shirt, and are delighted to return our kits to the fans this season. We encourage all other clubs and sponsors to join the campaign.”

Macclesfield’s first team manager, Sol Campbell, added: “We’re delighted to have Paddy Power saving our shirt. The club saw their campaign and were really keen to be a part of it and we wanted to return our kit back to our fans.”

Paddy Power unveiled details of the campaign last week after initially receiving criticism for its deal with Huddersfield - before the shirt sponsorship element was revealed to be a hoax. Fans and the English Football Association raised concerns about the size of the Paddy Power logo on the front of the players’ shirts, but the bookmaker later confirmed that the over-sized sash branding was a stunt to launch the campaign.

League Two side Newport County and Scottish Premier League club Motherwell have also signed up to support the campaign.
Quote
0


Paddy Power launches ‘Liquid Football’ with Joe Media

Entering a new football season, Paddy Power marketing continues to develop deeper content-led propositions seeking to drive deeper engagement with football audiences

UK Marketing news source The Drum has revealed that Paddy Power has developed new social media show ‘Liquid Football’, in partnership with leading digital publisher Joe Media.

The ‘long-form’ video and audio show is hosted by Sky Sports and BBC Radio 5 reporter Kelly Cates, featuring former pro footballers Jonathan Walters, Wayne Bridge and Steve Sidwell as co-pundits.

The launch of Liquid Football follows Paddy Power announcing this week that it will kick-off the English Premier League 2019/2020 season publishing its first evet football magazine ‘Pitch Invader’, which will be distributed at football stadiums across the land.

A summer of mischief, saw Paddy Power marketing grab national headlines as the bookmaker launched its high-impact ‘Save our Shirt’ campaign, urging British football clubs to ‘drop their betting shirt sponsorships’.

Paddy Power marketing director Michelle Spillane, commented: “It is fantastic for Paddy Power as it allows us to bring our brand to football fans through Joe’s multiple digital and social channels with a brand new show that will be dripping with insight, sharp wit, and agenda-setting football chat.”

The first show of Paddy Power’s ‘Liquid Lunch’ premiered on Wednesday 7 August.
Quote
0


Jose Mourinho teaches Paddy Power how to be ‘Special’

Out-of-work football manager, Jose Mourinho fronts Paddy Power Games’ new campaign ‘Special’, promoting the bookmaker’s £40,000 daily jackpot prize.

The nationwide campaign co-developed by creative advertising agency VVCP London sees a ‘humble Mourinho’ detail to audiences advice on ’what it takes to be special’ – spoofing the most controversial moments of Mourinho’s career.

Publishing a blog post announcing the campaign, Paddy Power marketing reveals that it has packed the advert with a number of ‘Easter eggs’, for audiences to catch.

In a further ‘propaganda update’ issued by Paddy Power, the bookmaker reveals that the two-time Champions League-winning manager ‘wrote bits of the advert himself’, keeping himself busy having been out-of-work for the past nine months having been sacked by Manchester United last December.

As a marketing team, Paddy Power states that it is used to working with special talents, having developed high profile campaigns with geniuses such as Stephen Hawking, Floyd Mayweather, Paul Scholes and Nigel Farage.

Special sees Paddy Power maintain its strong 2019 marketing momentum, with the bookmaker having secured high-coverage successes through its ‘Loyalty is Dead’ campaign featuring Rhodri Giggs promoting Paddy Power rewards, and the recent ‘Save-our-Shirt’ sponsorship of Huddersfield AFC.
Quote
0
embeded-image

Flutter and Stars Group agree takeover deal

In the latest mega merger to hit the gambling industry, The Stars Group (TSG) is to be acquired by Flutter Entertainment, operator of Betfair, FanDuel and Paddy Power via an all share combination.

Immediately following completion of the Combination, Flutter Shareholders would own approximately 54.64 per cent and TSG Shareholders would own approximately 45.36 per cent of the share capital of the Combined Group.

Upon completion, it is intended that the Combined Group’s Board will comprise of:

* A 14-person Board drawing on expertise and experience of Flutter and TSG
* Gary McGann, currently Chair of Flutter, will assume the role of Chair of the Combined Group
* Divyesh (Dave) Gadhia, currently Executive Chairman of TSG, will assume the role of Deputy Chair of the Combined Group
* Peter Jackson, currently CEO of Flutter, will assume the role of CEO of the Combined Group
* Jonathan Hill, currently CFO of Flutter, will assume the role of CFO of the Combined Group
* Rafi Ashkenazi, currently CEO of TSG, will assume the role of COO of the Combined Group In addition, nine non-executive directors comprising five nominated by Flutter, three nominated by TSG and the appointment of Richard Flint, former CEO of SBG
* The approval of Flutter and TSG Shareholders is expected to be sought in the second quarter of 2020. Completion is expected to occur during the second or third quarter of 2020.

Chair of Flutter Gary McGann said: “This is an exciting and transformational combination that will bring together two strong, complementary businesses to create a global leader in the fast-growing online sports betting and gaming industry. Under Peter Jackson’s leadership we will bring together a management team with the experience required to ensure a successful integration of the businesses, with minimal disruption, during a time of unprecedented change in the sector. The Combined Group will be a strong voice in the promotion of responsible gaming worldwide and will lead industry standards on the protection of customers, whilst building sustainable relationships with them.”

Dave Gadhia, Executive Chairman of TSG, commented: “The Board of TSG and I are delighted to recommend this exciting combination of TSG and Flutter, which we believe will create significant value for TSG’s shareholders. 4 Over the past four years our team, led by Rafi, has been working relentlessly and passionately to stabilise, grow and establish TSG as one of the clear leaders in our industry. We seized new opportunities in poker, significantly grew our casino business, acquired one of the UK’s most notable sportsbook brands in Sky Bet, built a significant presence in Australia through BetEasy, and teamed up with FOX Sports to launch FOX Bet to position ourselves to become a leader in the U.S. We have long had respect for Flutter, and believe the combination is a natural next step in the evolution of the business, creating a leader in online betting and gaming with trusted brands, diversified revenues, stand-out technology and the best operational and managerial talent in the industry. With TSG appointing a significant portion of the new Board, we look forward to working together with Gary, Peter and the Flutter team to continue and contribute to the success of our combined business.”

Peter Jackson, CEO of Flutter, said: “The combination represents a great opportunity to deliver a step change in our presence in international markets and ensure we are ideally positioned to take advantage of the exciting opportunity in the US through a media relationship with FOX Sports as well as our development of US sports betting through Flutter’s FanDuel and TSG’s FOX Bet brands. We are committed to these two high quality brands to drive the growth of the Combined Group in the US. The combination will turbocharge our existing four-pillar strategy and provide world-class capabilities across sports betting, gaming, daily fantasy sports and poker, as well as greater geographical and product diversification. We believe the combination of Flutter and TSG will deliver substantial value for shareholders. We will have an exceptional portfolio of leading recreational brands and best-in-class products on industry-leading technology platforms.”

Rafi Ashkenazi, CEO of TSG, added: “This exciting combination will allow us to enhance and accelerate our existing strategy. In recent years, we have transformed TSG from a single product operator in poker, to a diverse global leader with multiple product offerings across poker, gaming and sports betting. The combination with Flutter will further enhance our company’s core strengths, and position us strongly for the future in this rapidly evolving industry. I’m delighted to be joining the Board of the Combined Group and to serve as its COO.”

Meanwhile Lachlan Murdoch, Executive Chairman and CEO of Fox Corporation said: “Our FOX Bet partnership is off to a great start, and teaming up with Flutter and FanDuel will allow us to build on that strength and jointly capture the significant market potential ahead of us. We’re excited to be able to expand our partnership into FanDuel, which together with FOX Bet, will be a leader in sports wagering in the US.”

Richard Flint, only recently inducted into the Sports Betting Hall of Fame, commented: “I have a lot of admiration for what Rafi and Dave have achieved in first stabilising, and then building one of the most successful gaming companies in the world through the acquisition of great businesses in both the UK and Australia. In addition, the growth of TSG’s online casino operations points to the success TSG has had in cross-selling casino product to its traditional poker customer base. I am excited about the prospect of joining the Board of the Combined Group as a Non-Executive Director following completion of the transaction and believe that the combination of TSG and Flutter will create a compelling proposition in global sports betting and gaming.”

On a proforma basis, the Combined Group’s annual revenue would have been £3.8bn in 2018, making it the largest online betting and gaming operator globally. The companies said that the combination is anticipated to deliver ‘substantial value creation for shareholders from pre-tax cost synergies of £140 million per annum, along with potential revenue cross-sell in international markets and lower finance costs’.
Quote
0
embeded-image

Paddy Power – Trump hits shortest impeachment odds yet remains 2020 frontrunner

Paddy Power Politics has shortened President Donald Trump’s impeachment odds following an explosive first day of testimonies related to ‘Ukraine transcripts’, in which the President is charged with seeking dirt on political rival Joe Biden.

Yesterday, US media was gripped as the House of Representatives questioned acting US Ambassador to Ukraine William Taylor and State Department official George Kent on Trump’s exchanges with Ukraine officials.

President Trump is accused of withholding nearly $400 million in military aid, pressuring Ukraine’s new president Volodymyr Zelensky into launching a public inquiry into his 2020 Democratic rival Joe Biden and his son.

Updating its US political betting markets, Paddy Power has priced the chances of ‘Trump being impeached in his first term at odds-on 1/5 – which represents around an 83% chance and the shortest price it has ever been.

Nevertheless, Republicans sitting on the House Intelligence Committee have fought hard against Trump’s allegations by referring to proceedings as a ‘partisan sham’ by the Democrats, with Paddy Power pricing 3/1 that ‘Teflon Don’ avoids impeachment again.

Meanwhile, the chances of Trump resigning are much less likely – currently 1/12 (92% chance) against 5/1 that he will quit the White House.

Despite the President’s mounting troubles, Paddy Power maintains that Trump is still favourite for re-election in the 2020 presidential race, where The Donald maintains odds of 6/5.

Spokesman Paddy Power said: “A Donald Trump impeachment is likelier than ever according to the odds, as the first public hearing begins today.

“It’s the latest event in the Trump circus we have become used to – though we think it’s highly unlikely he’ll ‘do a Nixon’ and resign before he can be impeached.”

Paddy Power – Trump Update

1/12 Donald Trump not to resign
1/5 To be impeached in his first term
2/9 To complete his first term
3/1 To avoid impeachment
5/1 To resign
Quote
0