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Canadian provincial lottery operator Loto‑Québec has reported a 1 per cent increase in revenue to CAD$960.5m for its financial first quarter ended June 29th, with growth in the lotteries sector offsetting a decline in its land-based casino and gaming businesses.

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.

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