Paddy Power's recently acquired Australian firm Sportsbet has today agreed a deal to buy International All Sports Limited.

Last month, Paddy Power said it was buying 51% of Sportsbet - which provides betting on Australian racing and other sports for online and telephone customers - for €27.2m.

IAS, in which Sportsbet has an existing 19.98% stake, was listed on the Australian Stock Exchange in 1999 by its founder and current boss Mark Read. Its main activities are betting on racing and sports for Australian customers via the telephone and online.

Today's deal values IAS at €22.4m and the new boss of the combined business will be the chief executive of Sportsbet, Matt Tripp.

'This acquisition underpins the potential of Sportsbet to build its market position under Matt Tripp's leadership and expands Paddy Power's reach into the Australian market,' commented Paddy Power's CEO Patrick Kennedy.