Game on – consolidation and tougher regulation raise the odds for betting industry GCs
07 April 2017 09:30
by Kathryn McCann
Increased regulation and high-level consolidation have raised the odds for in-house lawyers playing in the gaming and betting industry
When Edward Traynor took the general counsel (GC) position at Paddy Power in April 2015, he arrived in the middle of a £400m return of capital to the business's shareholders. Once that was completed, he planned to settle in, restructure the legal team and take a holiday after the company's annual general meeting (AGM). That holiday never happened. Instead Paddy Power agreed a £7bn merger with Betfair to create one of the world's largest online gambling businesses with more than 7,000 staff and £1.2bn in sales. Even the best-laid plans often go awry.