That's not entirely true. I agree, with evidence to back it up, that licensed bookmakers are nothing but parasites and deserve no place in society. However, Paddypower will direct customers they don't want to bet with to Betfair.. which is a betting exchange. Technically all bets on exchanges are won by punters (and lost by other punters) and the exchange provider (Paddypower parent company, Flutter Entertainment PLC, in the case of Betfair) pockets a reasonable commission from the winning side.