Two of the biggest names in the world of online betting are coming together in a merger as they attempt to take advantage of the prospects in the United States after the Supreme Court has finally legalized sports betting.
Flutter Entertainment (PDYPF), owner of Irish gambling firm Paddy Power, is buying The Stars Group (TSG) of Canada, which owns the world's biggest poker site PokerStars as well as Sky Bet, for a total of $6 billion.
The boards of BetFair and Paddy Power have agreed on key terms of a possible merger to create Paddy Power Befair plc. The £5 billion merger would create one of the world's biggest listed online betting and gaming companies and be the marker leader in the United Kingdom.
Peter Eastgate, the 2008 World Series of Poker Main Event winner, is the newest member of Team Betfair Poker. The Ex World Champion retired from poker in 2010 but is now back in business as he's planning on playing several major tournaments. He will make his first appearance wearing the Betfair logo at the 2012 WSOP Main Event in July.
So what has Peter Eastgate been up to since he quit poker in 2010? Watch the video below and find out for yourself :)
David Yu, who has been the CEO at Betfari for over 6 years, has resigned and will be leaving the organization very soon. Yu's contract ends in October 2012, but yesterday he said that he wants leave earlier than that. The reason for this might be the strict & tough regulations in Europe and USA.
Apart from that, the company's stock price has dropped 47% since October last year. It remains unclear what David Yu will do after leaving Betfair. But one thing is for sure though: Yu isn't in a hurry to find a new job as he earned about half a million british pounds per year working for Betfair.