Company: Paddy Power Betfair PLC
Brand value: US$1,237 million
Headquarter city: London and Dublin
Year formed: 2000
Betfair is an online gambling service, with a focus on mobile-phone users looking to bet on sporting events. It is seen as an innovator in the sector, with features such as “Price Rush”, in which Betfair switches a user’s bet to higher odds if they change, and “Acca Edge”, which enables punters to withdraw their stake in cash if one element of a multi-part bet fails. In 2015, Betfair and another gambling business, Paddy Power, merged to create one of the world's biggest online betting and gaming companies, while retaining both brands. The new company now derives 81 percent of total revenue from online. Paddy Power Betfair chief executive Breon Corcoran quit the organisation in mid-2017 after a decline in the company’s stock since the merger.
Betfair communications moved away from its previously laddish approach, with a new campaign in 2016 called “Ready?”. The campaign depicted sports people ranging from a boxer to a horse rider, in a commercial that aimed to capture the anticipation and excitement of betting on sport. The ad featured the soundtrack “Higher Ground” by TNGHT and was voiced by former pro boxer Jack Dempsey. Also in 2016, the brand revived its successful “Back Yourself” campaign, which offered marathon runners the chance to win money for their chosen charity by betting on themselves to hit their target time. Earlier, Betfair became the first gambling company to use Snapchat to deliver football odds instantly.
Paddy Power Betfair is 52 percent owned by former Paddy Power shareholders and 48 percent by the former Betfair shareholders. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 index. It operates in several international markets, including the US – where it owns the TVG Network and several other subsidiaries – Ireland, Spain and Australia.