Paddy Power in talks with United States fantasy sports website FanDuel

16 May, 2018, 17:07 | Author: Regina Silva
  • Paddy Power in talks with United States fantasy sports website FanDuel

Nearly exactly a year ago, Paddy Power Betfair acquired daily fantasy sports platform Draft in a deal worth around US$50mln.

Paddy Power Betfair plc (LON:PPB) gained on Wednesday as it confirmed it is in talks to acquire USA daily fantasy sports company FanDuel. Business Insider also spoke to a source with knowledge of the deal.

Officials for Paddy Power-Betfair have said in the past month that they planned to launch a sports-betting channel if the Supreme Court ruled in favor of New Jersey.

Rumour has it that the two parties have already been close to completing a deal, but a person close to the United Kingdom and Ireland-based sports betting operator explained that the purchase talks with FanDuel are still ongoing. It is a major player in the U.S. fantasy sports market, where players pick teams and compete against others for cash prizes. The announcement follows the decision of the US Supreme Court which overturned the Professional and Amateur Sports Protection Act of 1992 and lifted the federal ban imposed on sports betting operations by the afore-mentioned piece of legislation.

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New Jersey and Pennsylvania have already passed such legislation, and a recent study found that 14 states are likely to have sports gambling within two years, including Montana, Colorado, Michigan, and MA.

FanDeal and another rival, DraftKings, held merger talks but plans were called off after the US Federal Trade Commission opposed the deal.

Paddy Power Betfair (LON:PPB)'s stock had its "reduce" rating restated by analysts at Peel Hunt in a report released on Monday, April 23rd.

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