Irish bookmaker Paddy Power has paid a consideration of £19 million for privately-owned McGranaghan Racing's chain of 8 retail betting shops in Belfast, Northern Ireland.
"McGranaghan's has a similar business model to our own, employing a very competitive offering to drive very high shop turnover and profitability," said Patrick Kennedy, chief executive of Paddy Power. "Acquisition is the necessary route into this interesting market and McGranaghan's is an ideal entry point for Paddy Power."
British rival Ladbrokes entered the Northern Ireland market in February with its £117.5 million purchase of Eastwood Bookmakers', the leader in the market with 54 shops.