The newly-merged betting giant Paddy Power Betfair has said its chief operations officer Andy McCue is to leave the company at the end of April.

Mr McCue was formerly chief executive of Paddy Power prior to the merger, a position he had held since January 2015.

Shares in the newly merged entity fell by 3 per cent in the wake of the annoucement.

Mr McCue joined Paddy Power in 2006 and is credited with devising the strategy that transformed the profitability of the bookmarker’s UK retail business.

Prior to joining Paddy Power, he was a principal with OC&C Strategy Consultants and a manager at Andersen.

"I leave Paddy Power Betfair following the completion of the merger and in the knowledge that this combination will be greater than the sum of its parts. I have thoroughly enjoyed leading and working closely with a great team of people who have created a dynamic and successful business," said Mr McCue.

“I feel now is the right time to pursue new opportunities and, in doing so, wish everyone in Paddy Power Betfair the very best for the future,” he added.

The merger that created the gambling giant, which is worth more than €10 billion, went through in February.

Paying tribute to Mr McCue, Paddy Power Betfair chief executive Breon Corcoran said he had played a pivotal and hugely constructive role in the merger.

“As chief executive of Paddy Power, he led the business strongly, embedding a new growth strategy which delivered record revenues and profits. His contribution to Paddy Power in a variety of roles, but particularly as chief executive, was immense,” said Mr Corcoran.