UK-listed betting and gaming operators Betfair and Paddy Power have set out their initial plans for the merged Paddy Power Betfair plc, which will be one of the world's largest publicly listed online gaming operators with annual revenue of £1.2bn (approx. €1.7bn).

The two companies said Tuesday that their respective board of directors have agreed to unanimously recommend the proposed merger to their shareholders, creating a combined entity that is expected to deliver recurring annual cost and revenue synergies of £50m upon completion of integration.

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