Tuesday 24 April 2018

Gambling boss scores €5m jackpot from share sale

A general view of race goers watching from the stands at Cheltenham Racecourse
A general view of race goers watching from the stands at Cheltenham Racecourse
Breon Corcoran
John Mulligan

John Mulligan

There are still three daysto go before the Cheltenham Festival gets underway, but the boss of Paddy Power Betfair has already hit the jackpot.

Breon Corcoran, who became the chief of the newly-merged group this year, sold €5.2m worth of shares in the group on Thursday, stock exchange filings show.

And the gambling boss, who used to work with Paddy Power as its chief operating officer before joining Betfair in 2011 as its chief executive, still has shares in Paddy Power Betfair that are currently worth about €17m.

Paddy Power and Betfair agreed last year to a €10bn merger that has created one of the world's largest online gambling firms.

As part of the deal, Mr Corcoran was appointed chief executive of the new group.

Shares in both companies had surged last year on the back of strong results, and news of the merger itself.

This week, the new group said that revenue at Paddy Power's own operation rose to over €1bn in 2015, the first time it ever surpassed that figure.

The stock exchange filings this week show that Mr Corcoran sold 43,500 Paddy Power Betfair shares on Thursday at £95.72 each. That resulted in a total sale worth £4.1m.

But he still has 140,000 shares remaining in the group.

The Cheltenham Festival - which attracts thousands of punters from Ireland - begins on Tuesday, with the highlight, the Gold Cup, taking place on Friday. Ryanair boss Michael O'Leary will be among those hoping for winners.

Irish Independent

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