Paddy Power in talks with USA fantasy sports website FanDuel

Wednesday, 16 May, 2018

The betting giant said it was responding to media speculation after reports the bookmaker was in talks to acquire the fantasy sports site.

Paddy Power Betfair has said it is in discussions regarding a potential combination of its United States business and fantasy sports company Fanduel to target the prospective USA sports betting market.

"Discussions are ongoing and there is no certainty as to whether agreement will be reached, or as to the terms or timing of any transaction", the company said in a statement.

No further details, including any financial details, were given and the group said that it would issue a further announcement "as appropriate".

The US supreme court on Monday struck down a 1992 federal law that barred gambling on individual sporting events in most places.

FanDuel lets users build fantasy teams, follow games, and win cash, and it would offer Paddy Power Betfair a major doorway into the USA market - as well as details on tens of millions of users that might use its other gambling products.

The company which operates from about ten years now offers a great variety of DFS to US customers and has already confirmed its willingness to enter the sport betting market of the country following the US Supreme Court ruling a couple of days ago. While several states have significant casino industries, most have not previously been allowed to legalise bookmaking. Deutsche Bank restated a "buy" rating on shares of Paddy Power Betfair in a research report on Friday, March 9th.