Flutter Entertainment has confirmed the departure of Victor Corcoran as Chief Executive of Paddy Power. Corcoran’s exit from the role comes as Flutter announces internal changes to its UK-&-IRE division, which has seen brand CEOs become Chief Commercial Officers (CCOs). The CCOs will be charged with overseeing the commercial performance of the FTSE100 firm’s home market brands. Former Retail MD …
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The governance of FTSE100 betting group Paddy Power Betfair Plc (PPB) has restated its support of the government’s £2 cut on FOBTs machine wagering. Issuing a corporate update, following yesterday’s DCMS triennial review judgement, PPB governance stated that the drastic FOBTs cut would not change the firm’s UK retail strategy. Updating the market, PPB estimates a 33-43% decline in total machine …
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FTSE bookmaker William Hill Plc has lit-up the Australian gambling market, by confirming that it has entered ‘in-depth discussions’ with Crown Resorts to acquire its controlling 62% stake in online betting subsidiary Crownbet. The cumbersome merger of Tabcorp-Tatts has dominated the Australian betting industry’s agenda and context in 2017, however, seeking to expand its international assets William Hill may have …
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The good news for Paddy Power Betfair is that the company now has certainty over the succession to outgoing chief executive Breon Corcoran, writes Scott Longley, with ex-WorldPay executive Peter Jackson to be officially anointed in early January. However, the slightly less good news is that he has a lengthy order of business to address if he is to achieve the grand hopes …
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Taking on his last investor conference call as Paddy Power Betfair CEO, outgoing leader Breon Corcoran details that PPB’s executive team has achieved its enterprise year 2 ambition of securing ‘structural advantages’ within the firm’s enlarged operations. Closing a solid Q3 performance, in which PPB governance ups its 2017 year-end guidance to an EBITDA range of £450-465 million. Corcoran details …
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FTSE100 betting group Paddy Power Betfair Plc (PPB) has delivered a positive Q3 2017 trading update (period ending 30 September), prompting the group to lift its full-year earnings expectations as the company undertakes a leadership transition. A strong period sports betting performance for PPB’s online and retail divisions saw the firm record a 9% increase in group revenues of £440 …
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UK newspapers The Times and The Guardian have reported that the Department for Digital, Culture, Media and Sport (DCMS) will seek to open a further ‘12-week consultation period’ for its ongoing review of FOBTs wagering levels. At present, it appears that DCMS will delay its judgement on whether to reduce FOBTs wagering from £100 max-bet to the reported options of £50, …
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Greg Knight Managing Director of UK independent bookmaker Jenningsbet has criticised Paddy Power Betfair CEO Breon Corcoran for advising the government to reduce FOBTs wagering to a £10 limit. Last month, it was revealed that Corcoran had written a letter to the Department of Culture, Media and Sport (DCMS), advising sports minister Tracey Crouch to drastically reduce wagering levels on fixed-odds …
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The Financial Times has revealed that Paddy Power Betfair chief executive Breon Corcoran has issued his support for significantly cutting the stakes of fixed-odds betting terminals (FOBTs). In a letter to the minister at the Department for Culture, Media and Sport (DCMS), Tracey Crouch, Corcoran stated that due to the ‘toxic’ nature of the debate that now surrounds the terminals only significant action would …
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The governance of FTSE100 listed Paddy Power Betfair (PPB) has defended its handling of the disclosure of the departure of Breon Corcoran as Group Chief Executive. The betting firm stated that it had ‘strictly adhered’ to UK Financial Conduct Authority rules with regards to its leadership succession plans and that the company had not leaked any ‘inside information’. Last week, …
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