Immediately prior to completion, Paddy Power shareholders would receive a special dividend of 80 million euros.
Under the proposed merger, Corcoran said both brands will operate side by side in Europe. Betfair is an exclusively online business, best known for its technology which allows gamblers to bet against each other. Alongside its core exchange product, the firm is also targeting a larger share of the broader sports betting market.
“By putting together two distinct but phenomenally strong brands, we’ll have a market leading position in the UK, Ireland, Australia and in the United States,” he told Reuters.
Betfair said core earnings rose 19 percent in the three months to July 31, despite higher UK tax charges. Paddy Power’s portfolio of almost 600 betting shops, more than half of which are in Britain, will also remain part of the plans.
Paddy Power is the larger of the two with a market capitalisation of 3.46 billion euros (3 billion pound) at Tuesday’s close, versus 2.43 billion pounds for Betfair, which has seen its shares rise by 140 percent in a year on the back of strong revenue growth.
The betting sector has seen a string of deals this year as companies respond to higher tax bills in Britain and tighter regulation by looking to bulk up and better compete in an online market buoyed by the increasing use of mobiles and tablets.
Paddy Power Chairman Gary McGann would keep his role in the combined group, while its CEO Andy McCue would become COO.
The new group would be the market leader online in the UK with a share of 16 percent, according to industry data, passing a merged Ladbrokes Coral group on 14 percent, as well as William Hill and privately owned Bet365.
Davy Stockbrokers declared “the two best quality companies in the European online gaming sector are on the verge of merging”.
DUBLIN/LONDON Betfair and Irish rival Paddy Power have agreed in principle on a 5 billion pound merger to stake a claim to leadership of the online gambling market in Britain.
Both firms also gave trading updates on Wednesday.
“We fundamentally believe this industry is all about scale,” said Betfair Chief Executive and ex-Paddy Power Chief Operating Officer Breon Corcoran, who would lead the new group.
Analysts pointed to significant scope to cut costs through the removal of duplication within the two businesses.
The gambling sector is seeing a wave of mergers.
Shares in Paddy Power and Betfair were up 18 percent and 17 percent respectively on the news.
Last month bookmakers Ladbrokes and Gala Coral struck an all-share deal, creating a 2.3 billion pound betting group. Paddy Power said first half operating profit had grown by a third to 80 million euros against the same regulatory headwinds.
Discussions were continuing to finalise an all-share merger but key terms have been agreed to create one of the world’s largest online betting and gaming groups with revenue of over 1.1 billion pounds, the companies said on Wednesday. Betfair finance chief Alex Gersh would also stay put.. 888 and GVC Holdings are locked in a bidding war for online gambling firm Bwin.party Digital Entertainment.
GAMBLING ON MERGERS
Under the terms, Paddy Power shareholders would own 52 percent of the group with Betfair investors owning the rest
Divided action means the sportsbook is guaranteed a profit on the game because of the fee charged to the bettor (called juice or vig – typically $11 bet to win $10). The power ratings are adjusted after each game a team plays. “We’re not trying to pick the team that covers the spread, we’re trying to make it a coin flip, a tough decision (for the bettor).
“The main objective is that our clients get equal action on both sides,” Seba said.
Experts working for the individual books having a strong opinion on the game
For example, if the pointspread on a game is 7 and most of the money is coming in on the underdog (taking the +7), sportsbooks will then move the number down to 6 ½ to try and attract money on the favorite.
Once the opening line is released by LVSC, the individual sportsbooks decide if they want to make any adjustments before offering it to the public.
A round-table discussion among the 4-5 oddsmakers involved in making the line for each sport is then conducted and a consensus line is decided upon by the Odds Director before it is released to the sportsbooks. We do this by drawing from past experiences and applying them to current situations.
Once a game’s power rating based pointspread is determined, the oddsmaker will make adjustments to that line after considering each team’s most recent games played and previous games played against that opponent. This usually includes having up-to-date power ratings on each team. Each of these oddsmakers bring unique opinions, strengths and weaknesses to the process. People think it’s much more complicated, but it’s not.”
Since the oddsmaker’s ultimate goal is equally dividing the betting action, public perception and betting patterns must be taken into account. Mike Seba is a Senior Oddsmaker at LVSC and has been making lines for the last six years. Obviously, if the line comes out a week ahead of the event (which is the case in football), there is much that could happen during the week leading up to the event that could affect the line. In our extended interview, Seba explained that there are 4-5 oddsmakers assigned to make lines for each of the major sports (pro & college football and basketball; MLB, NHL, boxing, golf). Of the 4-5 oddsmakers, generally the 2 most respected opinions are weighed more heavily by the Odds Director before he decides on the final line. Of course there is an entire method to the madness on how the opening line is created. Seba explained that it all starts with each oddsmaker creating a line on each game based upon their own personal approach. By moving the line, sportsbooks can influence how the public bets on a particular game. Stated another way, they want to create a line that half the people find appealing to bet one way while the other half find it appealing to bet the other way (known as ‘dividing the action’).
Individual books having players who consistently bet with certain tendencies (such as an extreme bias toward favorites or toward a certain popular team like USC)
Moving the line is the oddsmaker’s effort to balance betting action, and often times such moves can have a major impact on a bettor’s decision. If we’ve done that, we’ve done our job.”
“The #1 thing for us is to make a line for each game that creates good two-way action.
What Is the Line Trying to Accomplish?
The purpose of these adjustments, like all line adjustments, is to more equally divide the betting action. In doing so they attempt to make more attractive the team that is getting less action.
There is a common misconception that point spreads represent the oddsmakers’ prediction of how many points the favorite will win by. If an oddsmaker comes up with a preliminary line of USC -7, then an adjustment up to -7.5 or -8 would be made in response to the public’s expected USC bias. Reasons for such adjustments include:
How the Opening Line Is Made
Power ratings are the oddsmaker’s value of each team and are used as a guide to calculate a “preliminary” pointspread on an upcoming game.
The last step in the line-making process for each oddsmaker is taking one final look to determine whether or not the line “feels right.” This is where common sense and past experience with how games are bet enters into the picture. That is not the case at all – their intent is NOT to evenly split the ATS result between the teams; rather, their goal is to attract equal betting action on both sides. Also, adjustments are made after reading each team’s local newspapers to get a sense of what the coaches & players are thinking going into the game. By necessity their approach is very research-oriented and concise, since with millions of dollars at risk there is little margin for error.
Oddsmakers at LVSC are professional sports junkies who love what they do and would probably do it for nothing if you asked them, but they do get paid for it.
The opening line is the first line created by the oddsmakers, which is then sent out to sportsbooks.
Las Vegas Sports Consultants (LVSC) is the world’s premier oddsmaking company and the most respected authority on making the lines. Oddsmakers have to determine if any changes are necessary and send out an “adjusted line.”
Why the Line Changes
“You either have a passion for it or you don’t,” Seba said. For example, the public might have heavy betting interest week after week on a popular college football team such as USC.
Once betting begins, sportsbooks can adjust the line at any time. Examples of non-game factors that would require an adjustment to a team’s power rating are key player injuries and player trades.
Oddsmakers can also change the line depending on various event-related factors such as player injuries or weather
Because of this, they land in worse situations and take the wrong decisions in life.
Mental and physical health problems, financial issues, and conflicts in the family are among the common negative effects of gambling. Six to eight million people in America are estimated to have a gambling problem.
? Apart from absence at work and drop in efficiency, a common observation is that gamblers tend to steal money and engage in fraudulent behavior to recover from financial losses incurred when gambling, or to get more money to bet.
Gambling = Thoughtless Expenditure + Waste of Time
? A majority of those addicted to gambling have substance abuse disorders.
? Over time, the practice of gambling starts becoming a habit and begins to have damaging effects at psychological, physical, and social levels. Betting is a mentally taxing activity, and as one goes on risking more and more money, anxiety starts building.
? As gambling leads to increased criminal activities, in a way, gamblers add to the burden on prisons and the legal system.
Gambling refers to the betting of money on an event with an uncertain outcome, with the intent of winning additional wealth. The greed never ends and they keep betting more and more. The addiction robs a gambler of all the productive time and leads to loss of efficiency at work. They tend to stay away from their near ones, resulting in distrust between them and their loved ones.. Rehabilitating the gambling addicts needs money and time, and the process is not very easy. On giving a serious consideration to the negative effects of gambling, we realize that it is best avoided.
? Substances of abuse are served at casinos and in pubs and clubs, thus increasing the likelihood of gamblers consuming them. ? Addiction to gambling has been linked with substance abuse. Forget satisfaction or peace, it is not even refreshing in the real sense. Due to lost mental peace, they may ill-treat their spouse and children. It can drag you into crime, gambling isn’t fun.
Compulsive gambling leads to bankruptcy
? Gamblers often exhibit mood swings and a strangely secretive behavior. The skill of a gambler lies in weighing the three parameters and making a decision about what amount should be staked and how much should be expected in return.
? Gambling at the cost of one’s job results in a decline in the quality of his professional life. The National Council of Problem Gambling (NCPG) describes this type of gambling behavior as problem gambling.
? The addiction to gambling can leave one in bankruptcy. The addiction gets on to the gamblers to such an extent that they fail to think wisely before acting. It only leads to a thoughtless expenditure of money and valuables.
? Studies show that children with a sibling or parent addicted to gambling, are more likely to take to substance abuse.
? They start borrowing money and take secret loans. Their debt keeps building and it may reach an amount that exceeds their capacity to repay.
Games offered in casinos, table games like poker, Red Dog, and Blackjack, as also electronic games like Slot Machine and Video Poker are some of the common types of gambling. To add to the so-called merry atmosphere, gamblers often smoke or drink while playing.
? An Austrian study said that around 1 in 5 suicidal patients had a gambling problem.
? Children of parents who are problem gamblers or gambling addicts tend to feel abandoned and angry, further increasing stress and leading to strained family relations.
? The stress from gambling may lead to health issues like ulcers, stomach problems, muscle pains, headaches, and problems with sleep.
? Gambling can lead to criminal activities. Sports betting and arbitrage betting are the other types. A recreational activity is supposed to be refreshing and relaxing, but something like gambling is contrary to the very purpose of recreation. The addiction has negative effects on one’s physical and mental health and it proves to be detrimental to one’s social, personal, and professional life. In the following sections of this Buzzle article, we discuss the negative effects of gambling on the individual and society.
? According to a study by the George State University, 50% of the problem gamblers commit crime. When they lose the money they had risked, they further gamble to recover the lost amount and it becomes a vicious circle even they can’t escape from.
? Similar to how an individual keeps consuming substances like drugs or alcohol to experience an altered mental state, he continues to gamble. Their mental state can even lead to suicidal tendencies.
? Gambling has proven to be addictive. This proves to be detrimental to their social and family life. The decision to gamble money is based on three parameters namely; how much to bet, the predictability of the event, and the conditions agreed upon, between the gamblers. Some go that way to forget the sorrow of losing big sums when gambling.
Initially, one looks at gambling as a way to run away from life’s problems, or from stress, anger, and loneliness. The two go hand in hand. According to the National Research Council, 10 to 17% of the children of problem gamblers have been abused and so have 25 to 50% of the partners of problems gamblers.
? The costs of treating compulsive gamblers are huge. Thus, gambling practices cause a huge financial burden on the families of the affected and on the society at large.
? Research has shown that gambling can lead to harmful behavior in people. A study by the same university suggested that 73% of the individuals who are imprisoned are found to be problem gamblers.
? People continue gambling with the greed of winning money. The effect is similar to that of having a drug or a drink, which is why gambling changes one’s mental state and mood.
? People who fall prey to gambling tend to remain away from their families and waste money on other bad practices. It causes a decline in his/her work performance, thus hampering his career.
? According to a research by NCPG, 76 percent of problem gamblers are likely to have a major depressive disorder.
? According to the University of New York, in people with alcohol use disorders, the chances of developing an addiction to gambling are 23 times higher.
You could be at gunpoint or holding the gun. Card games, coin tossing, and dice-based games are some non-casino based forms of gambling. Over time, it becomes a habit, and eventually an obsession that can’t be overcome. The addiction leads people to continue with gambling irrespective of whether they earn or lose in the deal. Thus, gambling can have a grave economic impact which is difficult to reverse.
? Problem gamblers and addicts tend to abuse their family members. They engage in gambling activities at the cost of their time with family and friends. The stress of risking huge amounts of money or the frustration after losing it can increase the tendency of abuse in gamblers. Addiction to gambling, coupled with substance abuse can make the gamblers physically abusive towards their family. It soon becomes a habit that can’t be broken.
? Additionally, rehabilitation and public assistance systems are taxed.
? Gambling is practiced as a means of recreation. In spite of the losses incurred, they continue betting. Some take to substance abuse to supplement the high they get from winning huge sums while gambling
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