Paddy Power purchases Aussie bookie!

Paddy Power purchase leading Australian bookie


PADDY POWER have built on last month’s entry to the Australian betting market by acquiring the business of one of the country’s best-known bookmakers, Mark Read.



Through Sportsbet, in which Paddy Power recently took a 51 per cent stake, the Irish bookmakers have bought International All Sports Limited, which Read, son-in-law of the late Racing Post correspondent Jack Elliott, floated on the Australian stock exchange in 1999.



Sportsbet already owns 19.98 per cent of IAS, which disposed of its international business last month to concentrate on racing and sports betting for Australian customers through online and telephone channels.



The purchase, which values IAS at A$40m (€22.4m), will be financed through a share issue and is expected to be completed in October.



Paddy Power chief executive Patrick Kennedy said: "Mark Read and his family have built an excellent Australian business, which complements Sportsbet, and their combination creates by some distance the largest corporate bookmaking business in Australia.



“This acquisition underpins the potential of Sportsbet to build its market position and expands our reach into the Australian market."

Dave c an you imagine if paddy power were to have a presence in SA - 95% of so-caled bookies will be gone overnight!

Ah the wonderful paddypower,a freind of mine has just had his limits set,they were happy to inform him that he is a valued customer,but he can no longer bet on soccer and his golf bets are limited to 75p,but the happy news was he may continue to use casino and lotteries as normal..joke site