Betfair Poaches Paddy Power Second-in-Command

The world’s largest betting exchange announced Thursday it has hired away Breon Corcoran from rival Paddy Power to become its new CEO.  Corcoran replaces David Yu.

The Financial Times of London reported that Corcoran’s Paddy Power contract was understood to have had a six-month notice period, with a non-compete clause for two-and-a-half months.  As such, Corcoran is said to be on “gardening leave” until August. 

Internal problems have plagued Betfair ever since the company went public last year. 

The shares closed down 3.2 per cent at £7.63 in London on the news.  

Ed Wray, Betfair’s chairman, said it was for Mr Corcoran to decide whether the culture of the company should change, but he added: “There is clearly a benefit of having someone with a fresh perspective.”

- Aaron Goldstein, Gambling911.com