Paddy Power Betfair confirms it is in talks to buy FanDuel after restriction lifted on sports betting in the US
16 May, 2018, 17:14
The betting giant said it was responding to media speculation after reports the bookmaker was in talks to acquire the fantasy sports site.
British bookmaker Paddy Power Betfair Plc PPB.I is close to buying USA daily fantasy sports company FanDuel, according to a report on Tuesday by the Legal Sports Report (LSR), citing unnamed sources.
The UK operator said discussions with Fanduel, which hands cash prizes to players who pick successful fantasy sports teams, were ongoing and that there was no certainty any deal would go ahead.
The move comes just days after the USA relaxed its gambling laws, providing an opening for the likes of William Hill and Paddy.
FanDuel previously stated its intention to launch a sports betting service should the Supreme Court overturn the federal 1992 Professional and Amateur Sports Protection Act (PASPA), which has blocked more states from offering regulated sports betting. States will now be able to choose individually whether to legalise sports betting. It is backed by the likes of Kohlberg Kravis Roberts, Google Capital and NBC Sports Ventures.
Paddy Power bought Fanduels rival Draft for $48m previous year and the FTSE 100 firm also has an online casino and horse betting exchange in New Jersey.
FanDuel lets users build fantasy teams, follow games, and win cash, and it would offer Paddy Power Betfair a major doorway into the United States market - as well as details on tens of millions of users that might use its other gambling products.
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