Paddy Power Betfair confirms talks with FanDuel

Paddy Power Betfair confirms talks with FanDuel

In a brief statement today in response to media speculation, the company said talks are ongoing and there was no certainty as to whether agreement will be reached. FanDuel and DraftKings, the market leaders in the US fantasy sports industry, ended merger talks past year over concerns that the Federal Trade Commission would not look favorably on the deal. The company operates through Online, Australia, Retail, and U.S. segments.

A Supreme Court decision on Monday ruled that the Professional and Amateur Sports Protection Act of 1992, which forced all states except for Nevada to prohibit competitive sports gambling, is unconstitutional.

Many analysts believe London-listed firms are well placed to grab a slice of the United States market, where some estimates say almost $150bn (£111bn) in illegal wagers are placed every year.

A possible merger with FanDuel is expected to provide Parry Power Betfair with access to literally millions of potential customers on the local sports betting market, with the latter set to become a crowded and highly-competitive one due to a large number of companies having their eyes on the new betting options available.


Fantasy sports websites have been able to operate because they are considered to be games of skill rather than chance.

Paddy Power shares, which rose after the US Supreme Court ruling, gained another 7 per cent yesterday to close at €93.90 in Dublin. Paddy Power's stock was up 1.1pc at £78.50 in morning trade.

If a deal goes ahead, it is likely to be worth considerably more than the $48m (£35.6m) that Paddy Power paid for FanDuel's smaller rival Draft previous year.

FanDuel, founded in Edinburgh, is backed by the likes of Kohlberg Kravis Roberts, Google Capital and NBC Sports Ventures. Analysts say William Hill would be worst hit by the change, and that the market has already started pricing in such an outcome.

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