Paddy Power Ups Stake in Australia’s Sportsbet

Paddy Power has increased its stake in Australia's Sportsbet, strengthening its position beyond Europe.

Paddy Power said its stake had risen to 60.8% following the buyout of a 9.8% holding from a minority shareholder - Nambawan Capital - for €8.5m.

Analysts said the increased stake as a sign Paddy Power's plans to expand beyond saturated British and Irish markets were a success.

Last year, Paddy Power announced it was acquiring an initial 51% stake in Sportsbet.

Paddy Power shares were up 2% to stand at €23.95 in Dublin this afternoon, a gain of 50 cent.