Betfair and Paddy Power merger approved by shareholders.

This will be one of the biggest mergers on online gambling market in last years - Paddy Power and Betfair merged was officially approved by shareholders of both companies this week, according to a report from the Irish Times magazine.

After the merger is complete, Paddy Power shareholders will still own majority of company (52 percent), while Betfair shareholders will get 48 percent.

When whole process is done, outcome will be a company with a combined value of astounding €8 billion, which is almost twice of what PokerStars was worth when being bought by Amaya Gaming. The merger alone was worth $3.2 billion USD. The new company will be called Paddy Power Betfair and it will be one of the largest publicly traded online gaming companies in the world.

The merger was already approved by British regulators, but the Irish Competition and Consumer Protection Commission is still considering carefully whether or not to give it the stamp of approval.