While Paddy Power is an Irish bookmaker, it will soon begin entry into Australia according to reports.

With an aim to grow the company into other international markets, Paddy has acquired a 51 percent stake in Sportsbet, which provides sports and horse race betting services in Australia and there could be some underlying strategic reason for the move—Sportsbet holds a 19.98 percent stake in rival company International All Sports Limited.

According to the irishtimes.com, ". . . current chief executive of Sportsbet Matthew Tripp will stay on, with Paddy Power appointing four directors to the board, including Patrick Kennedy and Breon Corcoran."

Meanwhile, rte.ie reports that Paddy Power will have the opportunity to take a full 100 percent stake by 2012 or 2013.

"Sportsbet has a strong, well run business together with plenty of potential to build on its market position in Australia," CEO Kennedy told The Irish Times.

"The acquisition adds a new dimension to our business portfolio to which we can bring trading, risk management and marketing expertise honed in Ireland and the UK to complement Sportsbet’s existing skills and experience."