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Keeping a Close Watch on the Paddy Power-Betfair merger

Large loans and payments reported.
The Irish press is clearly keeping a close watch on the disclosures in the Paddy Power-Betfair merger reporting over the weekend that in April 2014, the group gave a loan of Euro 609,529 - without requiring any collateral or guarantee and without any interest attached - to a member of its executive management team who has not been named.
Asked for comment, the company said the individual concerned had been transferred overseas and has since repaid the loan.
The disclosures apparently also revealed that Paddy Power non-executive director Stewart Kenny, a co-founder - was paid Euro 200,000 in 2013, and again in 2014, for consulting fees not linked to his role on the Board.
A further disclosure reported that charges of Euro 404,425 were paid for advice from the Arthur Cox law firm; one of the partners in the firm, Padraig O'Riordain, is also a non-executive director on the Paddy Power board.
Paddy Power set share price records in Ireland this week, breaking the Euro 100-a-share level in a first for any main market Irish Stock Exchange company and creating about 200 new paper millionaires among shareholders.
The forthcoming merger between Paddy Power and Betfair will create a company valued at Euro 1.2 billion and a serious rival for market-leader Bet365, which is worth around Euro 1.7 billion according to media reports.

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Gambling News :

Phil Ivey Loses Borgata Casino - Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.

NYX Gaming in deal with Endemol - "Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”

NEW CAMBODIAN GAMBLING LAWS - After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.

Congress To Review US SportsBetting Restrictions - Did the American Gaming Association’s campaign influence the decision to take another look at the 1992 Professional and Amateur Sports Protection Act?

Playtech Acquires ECM Systems - Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.

Marks and Spencer store Manager steals to Gamblie Online - The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.

Chinese Gambling crackdown could damage high roller revenue - Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.

EvenBet Open Face Chinese Poker - Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.

PartyPoker Millions tournament guarantee Now GBP 6 million - Online poker operator PartyPoker announced Thursday that it is to boost its PartyPoker Millions tournament guarantee by a million sterling to GBP 6 million, claiming it is now the biggest prize pool guarantee in European poker history.

2016 EPT Malta - The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.

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