Paddy Power Betfair Co-founders Laughing All The Way To The Bank

PADDY POWER BETFAIR CO-FOUNDERS LAUGHING ALL THE WAY TO THE BANK

26th August, 2015 at 19:25:53
Source: http://www.azonlinecasinos.com

Spike in share price as merger news breaks.

On the back of a possible Paddy Power-Betfair merger (see previous report), share prices rose sharply in both companies, no doubt elating Betfair co-founder Ed Wray and Paddy Power's David Power.

Betfair's share price rose 21.36% to 31.59 (as this story was published on A-Z Of Online Casinos) effectively increasing the worth of Wray's 9.5% holding by at least 50 million. Betfair's market capitalization at close today was 2.809 Billion.

Betfair was borne 15 years ago when Wray (45), and Andrew Black (50) pooled 60 000 of their savings to form Betfair which launched in 2000.

And Paddy Power co-founder, David Power, who with 8% is Paddy Power's biggest individual shareholder, will have seen the value of his shares rise by approximately Euro 50 million to around Euro 320 million today as the share price closed 19.52% up at Euro 93.00 giving Paddy Power a market capitalisation of Euro 4.095 billion.

Paddy Power was founded back in 1988 by bookmakers Stewart Kenny, David Power, and John Corcoran.

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