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Paddy Power and Betfair have agreed to join forces in a merger

Paddy Power and Betfair, two of the biggest gambling companies in Europe, are set to merge according to reports in The Guardian today.

The newly formed company will become one of the largest online gambling companies in the world and is likely to cause a stir amongst some of the industries heavyweights.

Under the terms laid out by the two companies, Paddy Power shareholders would retain a stake of 52% of the newly formed company and Betfair shareholders would own 48%.

It’s not understood yet if the newly merged company will be renamed, as both existing brands are well established in their core markets. This latest merger is yet another indication of the continued consolidation of the gambling industry, especially for operators who take bets online.

Paddy Power and Betfair said: “The combination has compelling strategic logic and represents an attractive opportunity for both companies to enhance their position in online betting and gaming and to deliver synergies, customer benefits and shareholder value.”

Betfair’s chief executive, Breon Corcoran, who moved over from Paddy Power just over three years ago, will run the newly formed company.

This latest deal follows the recent merger of UK bookmakers Ladbrokes and Coral in a deal worth $3.4 billion. There is also advanced negotiations going on to take over Austrian gambling company