Paddy Power Betfair plc (lon:ppb)
Paddy Power Betfair plc - The Wrong Merger?


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Title: Paddy Power Betfair plc - The Wrong Merger?
Company: PPB - Paddy Power Betfair plc
Share Price Then: 7254p
Author: Ian Smith
Date: Tue 15 Aug 2017
Comments: It's always interesting when a new player which had new idea merges with an established player working under the old model.

Betfair were the original on line gambling site that allowed private individuals to offer bets at any odds they wished as well as making bets in the traditional way.

Whether Betfair was an idea which only had a short life is hard to know, but looking at its website now it just looks like any other on line gambling site. I have a suspicion that the reality of offering odds was too complex for the majority of users who just wanted to bet on something happening.

The 2016 Annual Report says
The combined Group now employs over 1,000 technology and product developers, which is substantially more than ...
What do they all do, it does suggest that there is not a unique core idea but a need for new versions of existing games?

So was the merge simply about merging user bases?

The 2016 Annual Report is necessarily confusing as there is not a whole year's trading for the merged business (April 2016) but the share price has seen a slight and fairly gradual decline so it is too soon to determine a range.

At the moment the Share Price is down by almost 30% from its peak and I can't really see any reason to prefer this merger to the Ladbrokes and Coral one.

Neither merged business has anything radical that would bring new people to the gambling industry, new versions of on line bingo and fruit machines may be profitable but for how long?
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