Online betting group Betfair will announce the appointment of Paddy Power's
Breon Corcoran as its new chief executive this week according to media reports.

Corcoran, who is chief operating officer at the Irish bookmaker, will succeed David Yu and end Betfair's five-month search for a replacement.

Betfair, which acts as an intermediary between gamblers wanting to place a bet or offer odds to others, taking commission on their winnings, was not immediately available for comment.

The CEO appointment, first reported by Sky News on Saturday evening, is expected to reassure investors following lacklustre results.

(Reporting by Lorraine Turner; Editing by Erica Billingham)