Breon Corcoran Betfair Betfair und Paddy Power vor Fusion
Breon Thomas Corcoran ist ein irischer Geschäftsmann, Chief Executive Officer von WorldRemit und nicht geschäftsführender Direktor von Tilney Investment Management Services und Bestinvest, beide Teil der Tilney Group. Von Februar bis Januar. hip - Breon Corcoran (46) wird sein Amt als CEO des angloirischen Glücksspielkonzerns Paddy Power Betfair niederlegen. Wie die. Breon Corcoran kennt beide - Paddy Power und Betfair. trat er als Vorstand von Paddy Power an, seit August steht er an der Spitze. Den Anteilseignern von Betfair würden die restlichen Aktien zugeschlagen. Führen solle das fusionierte Unternehmen Betfair-Chef Breon Corcoran, der. Erst im Januar war Breon Corcoran, Ex-CEO bei Paddy Power Betfair, überraschend ausgeschieden. Dementsprechend erleichtert zeigt sich.
Breon Corcoran kennt beide - Paddy Power und Betfair. trat er als Vorstand von Paddy Power an, seit August steht er an der Spitze. Kunden hat Paddy Power Betfair in über Ländern. Betfair CEO Breon Corcoran, der zuvor COO bei Paddy Power war, wird neuer Chef des fusionierten. Erst im Januar war Breon Corcoran, Ex-CEO bei Paddy Power Betfair, überraschend ausgeschieden. Dementsprechend erleichtert zeigt sich.
The float had been a disaster; the shares had halved. There was nothing wrong with it — and that was the main thing.
Some of my colleagues thought I was mad. Fortunately, my wife was supportive. He cut the worldwide workforce from to but did not reduce everything.
Under its previous management, Betfair had built software development facilities in Romania and Portugal. And he changed the look.
When I came in, we set about building a new engine and integrating it. That, plus cutting costs, took six months. But, it was a nerve-wracking time.
Their approach galvanised people internally. We had a good product. He has positioned Betfair as a serious player — a bit like himself. You can find our Community Guidelines in full here.
Food for London. Digital Edition. The Londoner. The Reader. Matthew d'Ancona. Ayesha Hazarika. Rohan Silva. Ellen E Jones.
Laura Weir. Tottenham Hotspur. Crystal Palace. West Ham. Transfer News. Premier League. Champions League. Rugby Union. Horse Racing. A List.
ES Magazine. Staying In. TV reviews. Music news. GO London. Things to do. Healthy at Home. ES Best. ES Shop. Travel Offers. Voucher Codes.
Date Joined: 01 Feb It just shows how far this forum has gone from back in the early s that the Chief Executive of Paddy Power Betfair can resign 3 days ago and yet there is no mention of it.
When he came to power in the exchange was in free fall with the second tier of the Premium Charge being put in place in Since then the only sport that has grown on the exchange is cricket in terms of matched volumes.
All management time was spent on developing the Betfair Sportsbook that saw some decent excellent growth from nothing.
The exchange - the concept that was designed to kill the bookmaking industry - was ignored. The latest results showed poor revenue growth. The reason..
Well if management had spent time taking the exchange concept to the next generation and killed off the bookies whilst they were down 'bad' sports results would not be an issue.
The whole point of Betfair was to be a risk free operator taking a cut from person to person punters. It will be interesting to see what Peter Jackson does now the low hanging fruit of launching a sportsbook using Betfair's strong brand name has been eaten.
Show More. I have no idea what is happening at Purple — their site has gone from poor to irrelevant with their tumbleweed markets.
The exchange is finished. The little people were inexplicably allowed a few years of success and then THEY took back control.
Exchange is in bankers, corporation hands. We cant expect from new CEO to be more exchange friendly as corporations are profit driven.
Changing the model from sportsbook to exchange is easier than from sportsbook to exchange how to tell the shareholders that profit will decrease in order to get customers back?
Thats betfair problem. I dont agree that betfair dont have a strong competition. Bye Breon, we will never miss you.
Changing the model from sportsbook to exchange is easier than from sportsbook to exchange how to tell the sharehold. I concur with The Fear. Betfair has punctured the exchange by pushing all new customers on to the Sportsbook.
A slow painful death for exchange betting on most sports will continue. How much of the amounts trading are actaully betfairs own robots skimming off free money?
The model is now unsustainable. I won't be doing this in 5 years time and I suspect many other long standing exchange users won't either.
How much of the amounts trading are actaully betfairs own robots ski. Dan White August 13 PM The sudden departure of chief executive Breon Corcoran and the weakness in the share price since the Betfair merger two years ago raise questions about giant quoted bookmaker Paddy Power Betfair.
At the time of the announcement in September of that year Paddy Power shareholders, who received 52pc of the shares in the enlarged company, were promised that the "greater scale" resulting from the merger would lead "to higher returns on investment across existing and new markets".
The merged company would deliver "significant cost synergies" and be "highly cash generative and [have] a strong balance sheet", according to the announcement.
So how have things turned out 24 months later? The Paddy Power Betfair share price soared in the run-up to and immediate aftermath of the merger announcement.
It was too good to last. Its share price has fallen by 21pc over the past year. While the share prices of other quoted bookies have also fallen, with William Hill down 21pc and Ladbroke Coral down 18pc, it is the weakness of the PPB share price that has attracted the most attention from investors.
This is because it is much bigger than either of its two main quoted competitors. When you are the biggest kid on the block your problems inevitably attract more attention.
Is the fall in the PPB share price and Corcoran's sudden departure an indication that the merger has failed to deliver the promised returns?
Speaking to the Sunday Independent this week, the outgoing boss said he thought the integration had gone "pretty well".
We achieved the synergy targets very quickly, the management team is stable and motivated, we've introduced kind a new different culture and set of values for the firm that were chosen by the employees as opposed to imposed top down.
Analysts say this has slowed down the company's ability to roll out new, innovative digital products. According to Corcoran the work is almost done.
The company's financial performance since the merger doesn't seem to point to failure either. This strong financial performance has continued into So why, with the Betfair merger seemingly delivering the goods, has Corcoran now decided to head off in search of pastures new?
The departing chief executive has been with PPB and its predecessor companies man and boy. The son of John Corcoran, one of the founders of Paddy Power, he first joined Paddy Power in as head of its non-retail online business.
He became a director in and chief operations officer in However, in November he surprised many people when he left Paddy Power to become Betfair chief executive.
The betting exchange had been going through a torrid time, with its share price down by over 40pc in the year following its flotation. Maybe too good.
Under the terms of the merger not alone did Corcoran become PPB chief executive, but Betfair shareholders ended up with a 48pc stake in the merged company.
In other words, Paddy Power agreed a merger with Betfair on terms of virtual equality despite the UK company's Ebitda being less than 70pc of Paddy Power's.
Based on the comparative financial performance of the two companies prior to the merger a split might have been more appropriate.
With the PPB share price now lower than it was before the merger announcement, former Paddy Power shareholders could be forgiven for suffering from buyer's remorse.
While Corcoran's departure came as a complete surprise to outsiders, maybe it shouldn't have. With the benefit of hindsight there may have been a number of straws in the wind.
However, , of these options are conditional on his continued employment by the company so the actual value of his options now that he has announced his intention to leave is probably considerably less.
I do think it's an opportune time for the business given that the platform work is in its final stages and that, to all intents and purposes, we feel in the business that the merger - other than the tech work - has been done.
I've committed to the board that I'll oversee the final part of this [the merger], which is the delivery of the tech project. Gambling is a bit like tobacco and alcohol.
Given that the urge to gamble seems to be hotwired into our DNA, governments have little option choice but to tolerate it or else surrender the market to illegal, often criminal, operators.
Instead they seek to regulate and tax it. That may be about to change. In Australia, where PPB does about 30pc of its business, the federal government has strengthened the ban on in-play betting - where punters can bet on sporting events as they are taking place - and also credit betting.
With in-play betting accounting for 15pc of the stakes and 8pc of revenues at its Australian business in the first half of , the impact on Paddy Power has been significant.
Closer to home, the UK government is getting ready to crack down on fixed-odds betting terminals FOBTs , of which there are more than 34, in the country.
Betting taxes, which had been cut in response to the growth of online bookies operating from offshore tax havens, are also creeping up again.
The UK introduced a new gambling tax, levied at 15pc of bookies' gross profits, in The UK betting tax is payable by all bookies, both onshore and offshore, taking bets from British residents.
Ireland introduced a 1pc tax on all bets placed by Irish residents with offshore bookies and a 15pc tax on betting exchanges' commission in August While a return to the s, when Irish betting duty was raised to 20pc, is hardly likely any time soon, gambling is likely to remain a target for cash-strapped finance ministers everywhere.
The fact that the proliferation of gambling channels has led to renewed concern about gambling addiction - there are an estimated 28,, problem gamblers in Ireland and as many as , in the UK - will allow any future betting tax increases to be dressed up as somehow protecting problem gamblers from themselves.
PPB is confident that it can ride out any regulatory storm. The strong will get stronger and the weak will fall away," says a spokesperson.
Paddy Power Betfair P. There are 2 kinds of businesses. Scale businesses where the more customers you have the more money you make, and margin businesses where the greater the margin you have the more money you make.
PP mistook bf for a margin business when it is a scale business. PP might realise its mistake and demerger from bf. PP mistook bf for a margin business when it is a scale bu.
The exchange grew quickly because it was a gold rush. There was money to be made and that attracted customers. Over time it became harder and harder to make money, the advocates reduce, the novelty wears off, the premium charge kicks in, the bookies stop bleating, become more competitive and harder to profit from, and regulation reduces the user base.
The incentive to provide liquidity reduces and business plateaus. The premium charge is only a small part of that equation.
Honestly I think the business has reached as far as it is going to get and there is little Betfair can do. I personally think they've done a decent job.
Over time it became harder and harder to make money, the advocates reduce, the novelty wears off, the premium charge kicks in, the bookie.
Sports betting continues to grow worldwide, while, excepting cricket, bf's share declines. Basically bf scrood the pooch with the PC, which killed secondary markets, and by keeping the commision rate too high.
Politics betting has increased substantially, so it's not just cricket. If I was Betfair I'd look at the user make up of politics and cricket betting and try to figure out what type of people and why they are being attracted to it.
I'd look very closely at the relationship between who offers liquidity and who takes it. Has it changed over time? Is it due to factores outside of Betfairs' control?
I'd break that down for every sport and every market within that sport. I'd look very closel. Now that PP are on board.
I'd compare historical turnover for the different sports and different markets within those sports to help determine if there's a general level of falling interest or whether it's to do with the vagaries of the exchange and it's market dynamics.
I'd compare historical turnover for the different sports and different markets within those sports to help determine if there's a general level of falling interest or whether it's to do with the vagaries of the exchange and.
All new customers are aggressively diverted to the Sportsbook. If they prove to be able to make money they will get restricted and might then look to the exchange.
Therefore only the successful punters by and large are betting on the exchange against each other. This in combination with the pernicious Betfair robtos creates an increasingly accurate market which makes it increasingly hard for exchange punters to win after commission.
Therefore they gradually drift away, liqudity reduces further and the exchange continues to quitely decay. If Betfair actively promoted the exchange it would be stronger than it is now.
Therefore only the successful punters by and large are betting on the exchange against. I think there was a time not that long ago when they actively pushed the sportsbook and not the exchange, but I think that time has passed and there are now plenty of tv adverts pushing the exchange.
Really, I must keep missing them! Yes, I have also seen Exchange adverts recently. PP retweeted the exchange today which ive never noticed before.
Most of the growth appears to be from building a sportsbook from scratch on the back of the Betfair brand and cannibalising the exchange business.
Prior to the PC and loss of management interest in the exchange the business was growing at a great rate. Instead of thinking up incentives to get early liquidity and go for the kill against the bookies they took the easy option.
Who can blame them? They had an IPO coming up and business is all about making money. If the Sportsbook net revenue is 6.
From irish independent The sudden departure of chief executive Breon Corcoran and the weakness in the share price since the Betfair merger two years ago raise questions about giant quoted bookmaker Paddy Power Betfair.
From irish independentThe sudden departure of chief executive Breon Corcoran and the weakness in the share price since the Betfair merger two years ago raise questions about giant quoted bookmaker Paddy Power Betfair.
Nice work Longbridge. Just shows how little has been done on the exchange since the early years. They may think it makes some money before they make millions of revenue from it but it has destroyed ALL growth.
In real terms it's a fall. Premium charge might be a coincidence though as it probably straddles overseas regulation. Marketing spend also seems well down.
You'd have to break down the revenue into current legal territories and include marketing spend for meaningful figures.
I don't dispute premium charge hasn't affected turnover. Of course it has. No going back though as you can't recreate