A record regular auction of Paddy Power shares took place on the Irish stock exchange yesterday ahead of the bookmaker’s merger with Betfair which completed earlier this morning.

Just under 4.3m Paddy Power shares were traded at a price of €142.75, giving a total price of €613.8m, a record for the exchange.

Up to seven million Paddy Power shares to a value of €1bn are reported to have changed hands over the day. The shares closed 4% higher at €142.75.

Paddy Power Betfair commences trading on the London and Dublin stock markets this morning with an opening market valuation of €11.7m - making it the world's most valuable online betting company.

It will join the FTSE100 index next month following its next review.