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Paddy Power takes control of Oz rival

By Daily Mail Reporter
Updated: 04:45 EDT, 24 December 2010

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Irish bookie Paddy Power yesterday took full control of Australian rival Sportsbet for £86.2m as the betting industry shake-up gathered pace.

Paddy, which recently became Ireland's eighth biggest company after overtaking Bank of Ireland, bought a remaining 39.2% stake.

PartyGaming and Austrian rival bwin also completed their merger yesterday, creating the world's biggest listed online gaming company. The combined group will be called bwin.party and will be listed on the London Stock Exchange from April.

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