Paddy Power, the listed bookie, has reportedly increased its stake in Australian player Sportsbet to 60% now, after buying out a minority shareholder, a deal which has cost Paddy Power a total of 8.5 Million Euros.

Yesterday, the Irish company confirmed that it has purchased a 9.8% stake in Sportsbet.

With the latest buyout, Paddy Power's stake in the Australian online sports betting business has been raised to 60.8%. Last year, the group had purchased 51% of the stake for an initial 27.2 Million Euros, but the deal is marked by an earn-out clause, which could see the bookie pay up-to 32.8 Million Euros.

Also, the Irish firm has taken up the option of buying the entire Australian business for about 5 to 7 times Sportsbet's yearly earnings.

Analysts have stressed that the increase in stake is a clear sign that Paddy Power is now putting into action its plans of expanding beyond the already saturated British and Irish markets.