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Paddy Power Further Expands in Australia

12th February 2010 10:12 am GMT

Increasing its investment in the Australian betting market, Irish bookmaker Paddy Power plc said Friday that it has increased its shareholding in Sportsbet Pty Ltd to 60.8% through the buyout of a minority shareholder for a cash consideration of AUD$13.0 million (approximately €8.5 million).

Last year Paddy Power acquired a 51% stake in Sportsbet, one of Australia's largest corporate bookmakers, for a maximum total outlay of AUD$58.5 million.

This morning the company confirmed it had acquired a [...]

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