Paddy Power tidies up Sportsbet

Irish bookie Paddy Power has tidied up its holding in Australian counterpart Sportsbet by snapping up the outstanding 39.2% for A$132.2m.Paddy Power says the deal will be earnings enhancing in 2011, adding it expects Sportsbet to achieve EBITDA pre-group central cost allocations of no less than A$23m (€15.9m) in the six months ending 31 December 2010. It made an equivalent EBITDA of A$14.8m (€10m) in the six months ended 30 June. Sportsbet reported profit before tax of A$20.3m (€12.8m) in the year ended 30 June 2010 and its gross assets at the same date amounted to A$116.5m (€80.9m).