Betfair and Paddy Power Take a £5bn Merger Punt Betfair and Paddy Power take a ₤ 5bn merger punt 26 August 2015 Betfair and Paddy Power are set to merge in a ₤ 5bn deal that would produce among the world's biggest online betting and gaming business. Final information are still being worked out, but the business said the deal had "engaging strategic logic" and boosted their market position. Paddy Power shareholders would own 52% of the combined service, with Betfair financiers owning the remaining 48%. The combined organization would have yearly earnings of some ₤ 1.1 bn. "Discussions stay continuous concerning the other regards to the possible merger," a declaration stated on Wednesday, external. The brand-new group would be the UK online market leader with a 16% share, according to industry information, passing a merged Ladbrokes/Coral on 14%, in addition to William Hill and the privately owned Bet365. Shares in Betfair skyrocketed 17% to ₤ 30.60 on Wednesday, while Paddy Power leapt more than 18% in Dublin. If the deal goes ahead, Breon Corcoran, employer of Betfair, would end up being primary executive of the combined group, while his counterpart at Paddy Power, Andy McCue, would end up being primary operating officer. 'All about scale' The combined company prepares to maintain the "distinct and complementary" Betfair and Paddy Power brand names in Europe. Mr Corcoran stated: "We essentially believe this market is all about scale. By putting together two unique however phenomenally strong brand names, we'll have a market leading position in the UK, Ireland, Australia and in the United States." Cormac McCarthy, Paddy Power's chief monetary officer, said the combination was an "attractive opportunity".