Paddy Power is an Irish success story... but not for punters
Rule number one of gambling: the house always wins. There are no other rules. Except punters tend to believe they can beat the house. Sometimes they score a hit, but sooner or later gamblers hand back their winnings - and more besides.
Gambling is in the news, with Paddy Power and Betfair agreeing terms for a potential merger to create a superbookie called Paddy Power Betfair Group. If it goes ahead, it will position them among the world's largest stock market-quoted betting firms.
Online is a key element of the strategy. Online, of course, means punters can gamble 24/7. No need to wait for the bookies to open - they never shut. No need to leave the house or your workplace - losing money couldn't be more convenient.