Paddy Power, Betfair Merger Completed

Breon Corcoran, who served as Betfair CEO, has been named CEO of the new company.

With final court approval of the $7.2 billion deal in place, the merger of bookmaker Paddy Power and betting exchange Betfair became official Feb. 2.

Going forward the company will be known as Paddy Power Betfair with Paddy Power shareholders owning 52% of the new combined business and Betfair investors owning the remaining 48%. The Guardian reported the merger as a $7.2 billion deal.

Breon Corcoran, who had served as chief executive officer of Betfair, has been named CEO of the new company.

Besides operating its successful betting exchange, Betfair owns U.S.-based advance-deposit wagering company and racing channel TVG as well as an online casino in New Jersey. Later this year Betfair, in partnership with Monmouth Park, is scheduled to launch a betting exchange in New Jersey, which will be the first U.S.-based exchange on horse racing. Exchanges allow bettors to assume the role of the house and offer fixed odds to other players.