Paddy Power Betfair closing in on FTSE 100 Index

Paddy Power Betfair has been named as one of a number of companies that may join the Financial Times Stock Exchange (FTSE) 100 Index.

According to index provider FTSE Russell, the bookmaker could be one of several new entrants to replace four current FTSE 100 companies that will move to the FTSE 250 Index.

The FTSE 100 Index serves as a share index of the 100 companies listed on the London Stock Exchange that have the highest market capitalisation.

The FTSE 100 is calculated purely on valuation unlike the New York Stock Exchange, which selects large and well-known US companies from a balance of different industries.

Paddy Power Betfair was formed last month through the merger of existing firms Paddy Power and Betfair, which have joined forces to create a new entity with a combined revenue of more than £1.1 billion (€1.4 billion/$1.6 billion).

Meanwhile, Paddy Power has launched a new ‘One Touch’ feature that will allow customers to place wagers faster.

Available on the Paddy Power mobile application, punters can tap on an in-play event and tap the ‘One Touch’ button to activate the new feature.

Once activated, users can set a default stake and the next time they tap odds on an in-play event, their bet will be placed without the need for confirmation.

Customers can opt out of the feature at any time by tapping the ‘One Touch’ icon again.

Related article: Paddy Power Betfair completes merger