Same was suggested on the britain at the bookies topic about a month ago - 2nd post down
viewtopic.php?f=18&t=10624&hilit=britai ... s&start=10
Breaking News BETFAIR Merging with Paddy Power
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convoysur-2
- Posts: 1110
- Joined: Thu Jan 12, 2012 10:00 am
hmm didnt see that before,,great minds think alike i guess 
'Merger' going ahead
http://www.theguardian.com/business/201 ... ger-agreed
The combined group – to be called Paddy Power Betfair – will have its headquarters in Dublin
The company will continue to run separate brands in the UK, Ireland and Italy after the merger, which will see Paddy Power shareholders own 52% of the combined business, with Betfair investors owning the remaining 48%.
The firms confirmed Paddy Power shareholders will receive a special dividend of €80m (£58m).
But the firms warned of job losses under plans for about £50m in annual cost savings after the merger.
They said while no decisions had been taken, there was potential for cutbacks in some operational and support functions, which “may involve some headcount reduction”.
http://www.theguardian.com/business/201 ... ger-agreed
The combined group – to be called Paddy Power Betfair – will have its headquarters in Dublin
The company will continue to run separate brands in the UK, Ireland and Italy after the merger, which will see Paddy Power shareholders own 52% of the combined business, with Betfair investors owning the remaining 48%.
The firms confirmed Paddy Power shareholders will receive a special dividend of €80m (£58m).
But the firms warned of job losses under plans for about £50m in annual cost savings after the merger.
They said while no decisions had been taken, there was potential for cutbacks in some operational and support functions, which “may involve some headcount reduction”.
It's a shame for those people who work at the front end of betfair who I've always found to be pretty decent myself. I hope they'll be told quickly if they're going to keep their jobs. Not only will the uncertainty be bad for them but also can't be good for moral in terms of customer service experience, there were already a lot of redundancies a while back I remember. Can't be a very nice place to work at the moment
The fact it will be HQ'd in Dublin would seem to indicate they will slim down Hammersmith a lot on the basis that 'a lot of the roles are duplicated'.
It's almost like Breon was planted by PP, now he is returning to Dublin with some extra jobs into the mix as well!
It's almost like Breon was planted by PP, now he is returning to Dublin with some extra jobs into the mix as well!
Just reading the merger document: -
It is envisaged that the realisation of the potential quantified cost synergies will result in a one-off cash integration cost of approximately £65 million. This one-off cost, which will be incurred to specifically implement the cost synergies, will consist primarily of IT related costs but will also include costs associated with the removal of duplication across corporate functions and facilities. Aside from these one-off exceptional costs, no material dis-synergies are expected in connection with the Merger. The identified synergies will accrue as a direct result of the Merger and would not be achieved on a standalone basis.
In order to achieve the full potential benefits of the Merger and in the long-term interests of Paddy Power Betfair, a business, operational and administrative review will be undertaken following Completion. The Boards of Paddy Power and Betfair recognise the importance of the skill, experience and dedication of their employees and are committed to maintaining the necessary expertise to support the Combined Group. However, the realisation of potential quantified cost synergies will involve a reduction of headcount and places of business and may include redeployment of Paddy Power Betfair’s fixed assets where there is opportunity to achieve efficiencies and rationalise the Combined Group’s footprint. The
13 Board of Betfair believes that approximately 50% of the estimated quantified cost savings will come from the reduction in headcount in the Combined Group while the remainder of the estimated quantified cost savings will come from non-payroll related efficiencies in IT, property, services and marketing.
Start backing Betfair to close their Hammersmith offices
After all, the servers and another office are in Dublin already.
It is envisaged that the realisation of the potential quantified cost synergies will result in a one-off cash integration cost of approximately £65 million. This one-off cost, which will be incurred to specifically implement the cost synergies, will consist primarily of IT related costs but will also include costs associated with the removal of duplication across corporate functions and facilities. Aside from these one-off exceptional costs, no material dis-synergies are expected in connection with the Merger. The identified synergies will accrue as a direct result of the Merger and would not be achieved on a standalone basis.
In order to achieve the full potential benefits of the Merger and in the long-term interests of Paddy Power Betfair, a business, operational and administrative review will be undertaken following Completion. The Boards of Paddy Power and Betfair recognise the importance of the skill, experience and dedication of their employees and are committed to maintaining the necessary expertise to support the Combined Group. However, the realisation of potential quantified cost synergies will involve a reduction of headcount and places of business and may include redeployment of Paddy Power Betfair’s fixed assets where there is opportunity to achieve efficiencies and rationalise the Combined Group’s footprint. The
13 Board of Betfair believes that approximately 50% of the estimated quantified cost savings will come from the reduction in headcount in the Combined Group while the remainder of the estimated quantified cost savings will come from non-payroll related efficiencies in IT, property, services and marketing.
Start backing Betfair to close their Hammersmith offices
After all, the servers and another office are in Dublin already.
http://media.investis.com/B/Betfair/vid ... tation.mp4
Interesting comments on the exchange from about 40 mins onwards
Interesting comments on the exchange from about 40 mins onwards
That was really interesting Peter
It was nice to see some specific questions about the Exchange(WTF is happening to it basically!)
The responses from Breon and Tony Soprano says a lot though - they are letting it flatline, they don't give a flying fuck about the Exchange, it's all about the Sportsbook
It was nice to see some specific questions about the Exchange(WTF is happening to it basically!)
The responses from Breon and Tony Soprano says a lot though - they are letting it flatline, they don't give a flying fuck about the Exchange, it's all about the Sportsbook
Lol - Tony Soprano.
I was v impressed by the overall competance of Breon - he seemed to have a v good handle on things.
I did wonder why it ended so abrubtly .. was Djsunset there ?
Re the other post, about an exchange opening in the US . it may be a v tight-rope, Betfair have to balance. Opening in new mkts like the US, will revolutionise liquidity .. and they need to be seen as an exchange, and NOT a sportsbook, to presumably get around Lobbyists, protecting interests in Nevada.
Am hopeful, education / refer/earns incentives, for current traders, might make the US a decent place to relocate. I can well imagine, holding seminars etc ...
I was v impressed by the overall competance of Breon - he seemed to have a v good handle on things.
I did wonder why it ended so abrubtly .. was Djsunset there ?
Re the other post, about an exchange opening in the US . it may be a v tight-rope, Betfair have to balance. Opening in new mkts like the US, will revolutionise liquidity .. and they need to be seen as an exchange, and NOT a sportsbook, to presumably get around Lobbyists, protecting interests in Nevada.
Am hopeful, education / refer/earns incentives, for current traders, might make the US a decent place to relocate. I can well imagine, holding seminars etc ...
I think the premium charge could derail Betfair in the US. Betfair make the charge on transactions on the Aussie exchange by UK customers, but that money does not find it's way to that country. I think that may shift the perception of how the exchange is implemented in the US and how it is regulated or adopted.
How will they explain that people who win by fair means or foul end up making a bigger contribution to Betfair UK than the US industry. It's a real problem to explain.
How will they explain that people who win by fair means or foul end up making a bigger contribution to Betfair UK than the US industry. It's a real problem to explain.
Seeing as the Sportsbook is clearly self-financing Peter, and none of their advertising revenue is spent oin the Exchange anymore, plus their acknowledgement that the Exchange is flat.......then surely they should be reducing PC or even removing it?
Perhaps it's like the Itchen Bridge - that was supposed to have it's tolls removed once it had paid for itself. Unfortunately, Southampton City Council had come to rely on the revenues by then and kept the charges in place!
Perhaps it's like the Itchen Bridge - that was supposed to have it's tolls removed once it had paid for itself. Unfortunately, Southampton City Council had come to rely on the revenues by then and kept the charges in place!