Paddy Power enters Australian market

Irish bookmaker Paddy Power has confirmed that it is to expand into Australia, following the acquisition of a 51% stake in Sportsbet in a deal worth $48.5 million.

Sportsbet, which is licensed by the Northern Territory Racing Commission, is one of Australia's largest gambling operators, offering online and telephone betting on racing and a range other sports.

Patrick Kennedy, Chief Executive of Paddy Power, stated "the acquisition adds a new dimension to our business portfolio to which we can bring trading, risk management and marketing expertise honed in Ireland and the UK to complement Sportsbet's existing skills and experience."

The deal, which is still subject to the approval of Australia's Foreign Investment Review Board and the Northern Territory Racing Commission, is expected to be completed by early July.