Going good for Paddy Power Betfair after merger

The benefits of the merger of Paddy Power and Betfair are bigger and being delivered faster than expected, the company said on Wednesday as they unveiled their first interim results since tying the knot in February.

While one-off costs associated with the merger meant the company recorded a bottom-line loss for the period to the end of June, annual cost savings from the merger were predicted to reach £65 million next year, rather than the original expectation of £50m by 2018.

The announcement was greeted favourably by analysts of the sector, although the company's share price was down three per cent at £96.45 on Wednesday afternoon.