Paddy Power ramps up investment in its Australian brand

Business News

Paddy Power Betfair is aggressively ramping up investment in its Australian brand, Sportsbet, to “take advantage of the distraction” in the market as rival bookies undergo a wave of consolidation.

Paddy Power Betfair says it plans to pump an additional £10 million ($18 million) of marketing revenue into Sportsbet in Australia while key competitors are “distracted” by the tasks of merging their businesses.

“In Australia, we see an opportunity to complete more aggressively,” chief executive Peter Jackson said. “We want to push hard in that market. We have got a great business and we think there is a lot we can take advantage of whilst our competitors are distracted.”

Australia’s wagering industry last year began what many insiders predict will be a phase of consolidation, kicked off by the country’s two biggest gambling companies, Tabcorp and Tatts, sealing an $11 billion tie-up in December. Most recently, CrownBet won the contest to acquire the Australian assets of British bookmaker William Hill, and is in the process of consolidating.

“We want to take advantage of the distraction that those businesses have,” Mr Jackson said.