Paddy Power Betfair Going All-In On The Aussie Market

Paddy Power Betfair is to inject an extra £10 million into Sportsbet, the company’s Australian brand, to attempt to consolidate and improve its position in the country.There’s a lot going on in the Australian market at the moment, with TABCORP-Tatts’ $8 million merger and the acquisition of William Hill’s assets down under by CrownBet.Reports suggest that while their rivals are distracted with merging businesses, Paddy Power Betfair intend to swoop in and grow their own position.Paddy Power Betfair Going All-In On The Aussie Market

Fantastic business

Bookmakers in Australia are awaiting legal changes that will make the industry more difficult, but that is not affecting the confidence that Paddy Power Betfair has within the market, with Chief Executive Peter Jackson saying:“In Australia, we see an opportunity to compete more aggressively… We want to push hard in that market. We have got a great business and we think there is a lot we can take advantage of whilst our competitors are distracted.”Adding that the company may also have their eyes on extra Australian acquisitions, saying:“I think we’ve got a fantastic business in Australia and if there are opportunities for us to do bolt-on M&As at sensible prices, we would do that. We’d be interested.

New taxes

The upcoming changes to regulation of the gambling industry in Australia include the imposing of two new digital wagering taxes in New South Wales and Victoria.Queensland has also stated its commitment to imposing a point-of-consumption tax.Add to that the fact that Sportsbet revenue is down by 2% in the first quarter of 2018 due to adverse sports results, it would be understandable if Paddy Power Betfair were treading carefully within the country for a bit.However, based on Mr Jackson’s comments, that does not appear to be the plan at all!

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