It can’t be said that Vitruvian Partners selling OpenBet was a surprise. Rumours of the sale have been rumbling on since last year, and since February we have been waiting for an update. The buyer, however, may have surprised some.
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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.