€8bn online betting giant will be based in Ireland
Irish bookmaker Paddy Power is to reward its shareholders with an €80m windfall when it joins forces with UK company Betfair to create the world's largest online betting firm.
The €7.5bn gambling giant is to be largely run from south Dublin, where Paddy Power currently employs 1,400 of its 2,600 Irish workers.
But jobs at both companies - which between them employ about 7,000 people - are certain to be lost as the pair move to cut costs.
Paddy Power chief executive Andy McCue declined to say how many jobs could be affected by the merger, which is due to be finalised by January.
Paddy Power shares have risen nearly 88pc in the past year. Betfair jumped 20pc in value yesterday, valuing the firm at €4bn.