Betfair, Paddy Power reach agreement on 6 billion pound tie-up

The Ladbrokes (L) and PaddyPower Sport betting websites are seen on electronic devices in this picture illustration taken in Paris May 22, 2014. REUTERS/Christian Hartmann

DUBLIN (Reuters) - Betfair and Irish rival Paddy Power have reached agreement on a 6 billion pound combination, first set out last month and designed to secure leadership of Britain's competitive online gambling market.

As in a provisional deal announced in August, Paddy Power shareholders will own 52 percent of the group with Betfair investors owning the rest, if the deal is approved by shareholders, Betfair said on Tuesday.