CEO of Paddy Power Betfair sells US$5.8m worth of shares

According to stock exchange filings, Breon Corcoran, who became the chief of the newly-merged company, sold €5.2m (US$5.8m) worth of shares in the group on Thursday.

UK.- Last Thursday, Breon Corcoran, CEO of the newly-merged Paddy Power Betfair, sold €5.2m (US$5.8m) worth of shares in the group. Corcoran keeps 140,000 shares worth around €17m (US$18.97m.) The stock exchange filings this week reflects that the CEO sold 43,500 Paddy Power Betfair shares on Thursday at £95.72 (US$106.79) each and the sale totalled £4.1m (US$4.57m.)

Paddy Power and Betfair merged last year in a €10bn (US$ 11.16bn) deal that has resulted in one of the world’s largest online gambling companies. Shares in both firms had surged last year on the back of strong results and news of the merger itself. The past week, Paddy Power and Betfair reported that revenue operation rose to over €1bn (US$1.12bn) in 2015, the first time the company ever surpassed that amount.

The Cheltenham Festival begins tomorrow (Tuesday) and it lures in thousands of punters from Ireland, with the main attraction, the Gold Cup, taking place on Friday. This is likely to be one of the highlights of Paddy Power Betfair year.