Tuesday 15 March 2016 12:58 pm

Odds on Worldpay: Paddy Power Betfair strikes services and insights agreement with global payment provider

The bookmaking major Paddy Power Betfair has announced an agreement with global payments company Worldpay to provide payment processing services and gambling expertise for its online customers.

As part of the deal, Worldpay will provide Paddy Power Betfair with payments insights to improve processing efficiencies by using its consumer betting behaviour knowledge.

Worldpay uses these insight to help gambling companies benchmark their performance, maximise payment acceptance and minimise fraud risk, as well as lowering overall costs.

The payment processing agreement comes a month after Paddy Power and Betfair completed their merger in February.

Both companies reported strong results for the 2015 financial year despite the government introducing a duty on online betting profits – the point of consumption tax – and a higher rate of duty on fixed-odds betting terminals found in betting shops, which have hit the gambling industry's profits.