Paddy Power is one of the world’s largest online bookmakers and is one of the most successful gaming operators of all time. The Irish bookie famous for some of the most competitive odds online and their “money-back special” promotional offers, which can drastically reduce the bookmaker’s edge in some markets.
Paddy Power was formed in 1988 after a trio of different Irish bookmakers came together to form the company. They have a large land-based presence across the United Kingdom and Ireland, with hundreds of betting shops. Though they are based in Ireland, most of their profits come from outside The Emerald Isle. Their parent company is Paddy Power plc. They are traded on the London Stock Exchange under the symbol, PPB.
Paddy Power is licensed in most countries around the world. Their sports betting product is licensed and regulated by the Isle of Man Gambling Supervision Commission. They also hold a licensed UK Gambling Commission for their poker, casino, and bingo offerings. Paddy Power owns several other international bookmakers, including two of the largest Australian bookmakers, Sportsbet and IAS. They also have a partnership with French bookmaker, PMU.
On September 8th, 2015, Paddy Power and their British rivals, Betfair, agreed to terms to a merger. The business is publicly owned, but Paddy Power has a slight edge in shareholders with 52% coming from former Paddy Power shareholders and 48% by former Betfair shareholders. The merger was officially completed on February 2nd, 2016. Betfair and Paddy Power still operate as separate brands in much of the world, including in the United Kingdom, Ireland, and Italy. Most notably, Paddy Power does not accept residents based in the United States, Canada, and Germany.