The New Jersey Division of Gaming Enforcement has taken a step further than most regulators on the subject of grey markets and in doing so, come up with a common sense definition of the most indefinable subject.
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The merger of Betfair and Paddy Power is a merger of winners rather than the merger of an underperformer and its knight in shining armour. That is the most engaging part of the deal. There is a temptation to presume that they will be an overwhelming force of nature when combined. But the thing is, they won’t really be combined.