Shares in gambling operators and suppliers worldwide have taken a beating in recent days as a result of Thursday's EU referendum in the UK, even as regulators stress that it is "business as usual", for now.
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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.