Paddy Power Betfair is pitting two marketing firms against each other as the company continues its cost-cutting program, several media outlets have reported.

The newly-formed betting giant is reportedly rethinking the £40 million annual media spend for the United Kingdom and Ireland into a single agency, according to the Independent.

M2M has handled Paddy Power’s marketing since 2009, while MediaCom has been handling Betfair’s European business since last year. According to Campaign Live, the two marketing agencies were already in the advanced stage of the pitch process, following the completion of the Paddy Power-Betfair merger in February.

Paddy Power Betfair, whose headquarters is in Dublin, previously said it plans to save £50 million annually “from synergies in a number of areas, including marketing.”