Friday 9 December 2016

Paddy Power is an Irish success story... but not for punters

Published 27/08/2015 | 02:30

'If there was no Paddy Power, it would be some other betting company taking gamblers’ money'
'If there was no Paddy Power, it would be some other betting company taking gamblers’ money'

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.

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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.

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