Bookie tie-up between Paddy Power owner Flutter and Sky Bet owner Stars Group gets backing
Bookie merger: The combination of Flutter and the Stars Group will have a turnover of over £4.4bn
A £10billion mega-merger to create the world’s largest betting company has been waved through by the competition authorities.
The combination of Flutter – which owns Paddy Power Betfair – and the Stars Group – which owns Sky Bet – will have a turnover of over £4.4billion.
The group will dwarf rivals Bet365 and GVC, which each turn over £2.9billion, and William Hill, which turns over £1.6billion.
The Competition and Markets Authority said the merger ‘will not worsen the offering’, due to the other large players in the market.
The merger will be subject to approval of shareholders at EGMs on April 21 and 24.