Paddy Power Betfair merger punt paying off
Higher than expected cost savings lead to earnings upgrade
Shares in gambling group Paddy Power Betfair jumped in Dublin this morning after it lifted its earnings target for this year on the back of strong third quarter figures.
The shares were almost 3.8 per cent higher at €99.83 in early trading in Dublin.
The company was formed through a merger of bookmakerPaddy Power and betting exchange operator Betfair in February.
Though the merger was not good news for the 650 workers whose jobs are being lost, investors welcomedthe prospect of significant savings from the combination.
