The pitch process is being overseen by the Irish bookmaker’s brand manager, Adam Perrin. The company has begun contacting agencies.
The gambling brand awarded its ad account to Karmarama a year ago. It had previously used a variety of agencies, including the Dublin-based Cawley Nea\TBWA.
Paddy Power released a TV spot in July, by Karmarama, featuring the former Liverpool goalkeeper Bruce Grobbelaar.
The ad aimed to highlight the fact that Paddy Power's concession bets give customers the chance to get their money back even when they lose.
It showed the Zimbabwean stopper emerging from a kitchen fridge to give cash back to a startled Paddy Power customer.
The spot followed a TV ad for the bookmaker, also by Karmarama, starring the ex-footballer Carlton Palmer in a bubble bath.
In March, the bookmaker appointed M2M and Goodstuff to handle its £1 million media business. The Omnicom-owned M2M will oversee buying, with the independent Goodstuff responsible for communications planning.