Davy Research

Paddy Power Betfair

Group announces significant management changes
Gaming
Paddy Power Betfair

DAVY VIEW

The news that Cormac Barry has decided to leave Paddy Power Betfair is disappointing given his very strong track record in helping to build paddypower.com in the first instance and then in leading Sportsbet as it more than doubled its share of the Australian online market. However, he leaves the business in very safe hands – Barni Evans has been with the group since 2001 and has been a key member of the Sportsbet team since 2011. We do not believe the changes announced this morning will impact the group’s ability to acquire businesses in Australia in the near term. In Europe, the organisational changes announced make a lot of sense with a clearer streamlining of the Paddy Power and Betfair parts of the business. Both divisional CEOs will report directly to Peter Jackson, the group’s new CEO.

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  • RATINGS AND PRICE CORRECT AT TIME OF ISSUE


  • Paddy Power Betfair

    Closing Price: 880000p

  • RATING 29/08/17

  • PREVIOUS RATING 18/09/15

    Outperform

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