Irish bookmaker Paddy Power Plc, through its Australian subsidiary Sportsbet, has acquired Melbourne-based rival International All Sports (IAS).  The terms of the deal were not disclosed. 

Irish bookmaker Paddy Power Plc, through its Australian subsidiary Sportsbet, has acquired Melbourne-based rival International All Sports (IAS).  The terms of the deal were not disclosed.

IAS specialises in bookmaking on racing and sports through online and telephone channels and listed on the Australian Stock Exchange in 1999 under founder Mark Read. The company reported EBITDA of A$8.5 million (£4.2 million). The acquisition is subject to approval by IAS’s shareholders and regulatory authorities, however it is expected to complete in October 2009.

Patrick Kennedy, chief executive of Paddy Power, said: “Mark Read and his family have built an excellent Australian business which complements Sportsbet and their combination creates by some distance the largest corporate bookmaking business in Australia.”

Paddy Power reported an increase in pre-tax profits of four per cent to €79 million (£68.4 million) in 2008.