Paddy Power Betfair Confirms Merger Negotiations with FanDuel

Paddy Power Betfair in talks to buy Fanduel

Paddy Power Betfair in talks to buy Fanduel

Paddy Power-Betfair, the company that owns and operates TVG and an exchange-wagering system in New Jersey, confirmed on Wednesday that it is in talks with FanDuel, a daily fantasy sports operator, on a potential merger.

The move is created to capitalise on the US Supreme Court's decision on Monday to strike down a 1994 ban that prevented most states from permitting sports betting.

Paddy Power Betfair's shares jumped by more than 12.2% in a day when the supreme court announced its decision earlier this week, signalling analysts' belief that it is well placed to launch an assault on the USA market.

The acquisition of FanDuel would give the company everything they need to enter newly regulated markets in style, as FanDuel has a large base of customers, many of whom are probably primed to be transitioned to sports betting as relevant state laws are passed. FanDuel and DraftKings, the market leaders in the US fantasy sports industry, ended merger talks a year ago over concerns that the Federal Trade Commission would not look favorably on the deal.

The report comes after the US Supreme Court this week voted to overturn the federal ban on sports betting across the country - a ruling that was met with praise by FanDuel and rival operator DraftKings.

FanDuel grew to become one of two Scots unicorns, with a $1 billion valuation, alongside Skyscanner. Legal Sports Report (LSR), which first reported that Paddy Power Betfair was close to completing the deal, said it appeared likely to be below that valuation.

The LSR report noted that FanDuel CEO Matt King recently indicated that his company would be interested in getting into the sports betting space.

The bookmaker said discussions are under way to "create a combined business to target the prospective United States sports betting market". In the same way we revolutionized fantasy sports, we will bring innovation to the sports betting space.

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