Paddy Power have been very busy this year having signed agreements with other operators and business entities, transforming their management team and announcing a £6 billion merger with Betfair to create the largest betting and gaming company in the world.
Growth Over The Last Year
They’ve also reported a continued growth in revenue, operating profit and other performance indicators over the last year, despite the new Point of Consumption tax and increased Machine Games Duty rates.The Irish operator has created new partnership agreements and upheld old ones, including a new partnership deal with Spanish betting company Reta in September. Also in September, Paddy Power extended it’s partnership with the British Columbia Lottery Corporation, where they provide fixed-odds sports betting services to British Columbia customers.
Internal Re- Shuffle
Paddy Power’s managerial changes, meanwhile, have had a huge impact on the company. In 2015 it was announced that Andy McCue would become the company’s CEO, replacing Patrick Kennedy. Peter O’Donovan was appointed Chief Product Officer, Johnny Hartnett became the Managing Director of the company’s Online division, and Christian Woolfenden assumed post as Retail Managing Director.Gav Thompson was also appointed as the Chief Marketing Officer in April, a position that required a lot of creative thinking if their previous campaigns are anything to go by. All Paddy Power adverts throughout 2015 have been very witty, although some have labeled them offensive. One online advert was even banned by the Advertising Standards Authority for Ireland due to exploiting the immigrant crisis in Europe.
Paddy Power/Betfair Merger
Without a doubt though, the biggest news regarding Paddy Power was their merger with Betfair, which was confirmed in August. Under the terms of agreements, Paddy Power holds a 52% stake in the combined entity, where Betfair owns 48%.In 2016, it’s thought Paddy Power will have another busy year. They will be focused on the completion of the £6 billion merger as well as an advertising campaign set to be more mischievous than ever.