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Pommie Paddy Power Scoops Up £86m For Aussie Sportsbet, by Greg Tingle - 26th December 2010

Just two days before Christmas Paddy Power increased the size of its bet that Aussies will keep gambling no matter how the cricketers get on. The Irish based company bought out the remaining 39% of Sportsbet, snatching total control of one of the biggest bookies Down Under. Paddy Power is paying A$132 million in cash and shares to secure the deal which is worth roughly £86 million. The UK gambling and spread betting industry has been expanding down under for a few years in the firm belief that the market can be better "exploited", more more softly, better serviced. UK mobs want a bigger slice of the Australia pie. Paddy Power purchased 51% of Sportsbet last year and negotiated options to increase its stake over time. Chief executive Patrick Kennedy described Sportsbet as "a cracking business". “The team has made great strides in marrying the best of both Sportsbet and Paddy Power,” he said. "This is a good deal to acquire the remaining shares early, which will allow us to drive development and investment and secure full participation in the upside of the business." Paddy is funding most of the deal from cash in its large bank account and issuing about £12 million worth of new shares. A special dividend of A$8.5 million will be paid to Sportsbet shareholders. A Media Man spokesperson said "So, the pommies are doing more deals with the Aussies thanks to Paddy and it might be time for the Aussies to do more deals with the Yankees and Canooks, just to settle the score."

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Paddy Power Receives 400 Complaints Filed With ASA - 11th May 2010

Irish bookmaker Paddy Power is no stranger to the ire of the Advertising Standards Authority (ASA). But this time the cat may have used up its nine lives...literally.

More than 400 complaints have been lodged against Paddy Power with the ASA for a controversial ad that appeared recently.

That advertisement shows a footballer kicking a cat into a tree after mistaking it for a football, encouraged cruelty to animals and was offensive in its depiction of sight-impaired people, according to Brand Republic.

The ad, by Big Al's Creative Emporium, launched last month as part of the bookmaker's World Cup push.

The ad is called "blind football" and features actual blind footballers, whom are representing England in this summer's World Blind Football Championships.

Paddy Power was forced to shelve another ad by Big Al's Creative Emporium in March, featuring four wheelchair-bound actors "doing a runner" on their bill from a curry house, Brand Republic reports.

In the past, Paddy has been cited for mocking little people and, more recently, the Catholic Church.

They became notorious for offering odds on US President Barack Obama's assassination.

Alistair Prescott, Gambling911.com

Profile

Paddy Power is Ireland’s largest bookmaker. Offline it conducts business through a chain of licensed betting offices and by operating Ireland's largest telephone betting service. Online it offers sports betting, online poker, online bingo and online casino games.

Paddy Power was founded in 1988 by the merger of three existing Irish high street bookmakers. The company also markets its services in the UK and is a publicly quoted company, listed on the Irish and UK stock exchanges.

Paddy Power's stated mission is to make ‘risk-based’ entertainment more accessible and fun. To this end, Paddy Power has a reputation for funny and often controversial advertising.

At the end of 2005 Paddy Power operated 195 outlets (150 in Ireland and 45 in the UK). The total number of employees was 1,374. On 27th May 2008, Paddy Power acquired Northern Ireland independent bookmaker McGranaghan Racing bringing Paddy Power's shop count to 191 in Ireland.

Paddy Power are sponsors of NUFC.com and Old Rutlishians XVA and XVB rugby teams.

They are the sponsors of St. Patrick's Athletic.

They are the official betting partner of Chelsea FC.

Tongan rugby player Epi Taione, playing at the 2007 Rugby World Cup, changed his name by deed poll to Paddy Power for the duration of the tournament in response to the bookmaker's sponsorship of the Tongan team.

Paddy Power also sponsor Century FM radio network.

Paddy Power Poker

paddypowerpoker.com was launched in February 2005. The site allows players to play a number of variations of the game including Texas hold'em, Omaha High and Hi-Lo, 5 and 7 Card Stud in a ring game or tournament structure.

The company sponsors the world's second longest running No Limit Texas hold'em tournament, the Irish Poker Open. The 2007 event was the second largest poker tournament ever held in Europe with 708 players. paddypowerpoker.com guaranteed a €3 Million prizepool for the 2008 Irish Poker Open, which was won by English poker pro Neil Channing. In 2008, the company also sponsored the Irish Winter Festival of Poker, which was held in Dublin from October 24th-27th.

WSOP bracelet winner Ciaran O'Leary is paddypowerpoker.com's brand ambassador and sponsored professional.

In March 2007 Paddy Power Poker became part of the Ipoker network.

Novelty Betting

Paddy Power are renowned for their quirky novelty bets. In 2002 and again in 2005 Paddy Power hit the headlines for offering betting on who would replace Pope John Paul II.

They are considered the market leaders in "Specials betting" and are normally first out of the traps with reality TV markets like Big Brother, The X Factor and I'm a Celebrity... Get Me Out of Here!.

Paddy Power began taking bets on the existence of God in September 2008, to coincide with the switching on of the Large Hadron Collider (LHC). Initial odds were offered at 20-1 that God exists, then changed to 33-1 when the LHC was temporarily shut down due to equipment failure, then changed to 4-1 in November 2008.

Controversy

The Paddy Power company has been criticised by animal rights and animal welfare organizations for allowing bets on Spanish bullfights. On their Spanish website, the company invites bets on the number of bulls’ ears taken during specific bullfights.

In November 2008 the bookmaker was criticised by a spokesperson for the American Embassy in Ireland for offering odds on the assassination of US President-elect Barack Obama. (Credit: Wikipedia)

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Good odds Paddy has backed a winner, by Eli Greenblat - 4th June 2009
(Credit: Fairfax)

Bookie turned boardroom protagonist Mark Read could walk away with $11.6 million stashed in his bag after Ireland's biggest online betting and gaming provider, Paddy Power, lobbed a 60¢-per-share takeover for International All Sports via its local outfit, Sportsbet.

The takeover, via a scheme of arrangement, looks almost certain to succeed as Mr Read owns 19 per cent of the publicly listed betting company and Paddy Power is already sitting on 19.98 per cent through its 51 per cent stake in Sportsbet.

The bid, launched late yesterday, values International All Sports at about $40 million and will give the Irish betting outfit a large stake in the market for bets on a range of local and international sports.

Earlier this year gambling rival Centrebet launched and then binned a 33¢-a-share bid for International All Sports. It is considered unlikely Centrebet will re-enter the competition for the business and lob a bid above that of Paddy Power.

In May Paddy Power, which operates more than 250 retail licensed betting offices in Ireland and Britain, acquired a 51 per cent stake in Sportsbet.

IAS chairman Barry Coulter welcomed the takeover bid and said it was unanimously recommended to shareholders in the absence of a superior offer.

Mr Read said he was proud that Paddy Power and Sportsbet believed the company he founded in 1995 would be a valuable addition to their existing business. If shareholders approve the takeover it is likely to be completed by October 8.

IAS shares, in a trading halt since yesterday, last traded at 50¢.

The IAS acquisition will make Sportsbet a leader in Australia's corporate bookmaking field. The combined annual turnover of the two companies exceeded $2 billion last year.

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