Paddy Power In Speak To Merge With Fan Duel
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Paddy Power in talks to combine with Fan Duel
16 May 2018
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Gambling firm Paddy Power Betfair has said it is in talks over a merger in the US with fantasy sports site Fan Duel.
Talks centre around integrating its US operation with Fan Duel to produce a company to "to target the prospective US sports betting market".
It comes as the yohaig code American Supreme Court overturned 1992 legislation that banned sports betting in the majority of US states.
Fan Duel permits sports fans to gamble on dream sports leagues and contests.
Merger abandoned
It uses dream sport gaming around NFL American Football, MLB baseball, NBA basketball and NHL ice hockey. There are estimated to be around 30 million adult dream sports players in North America.
Players choose which contest they desire to go into, build dream sports groups that do not breach a fantasy salary cap, and take part in head-to-head or multi-player contests.
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The business, which was established in 2009, is based in New york city and has about 400 workers.
A proposition to merge with rivals Draft Kings was abandoned in 2015, after being blocked by the Federal Trade Commission on the grounds that the combined firm would manage a 90% market share.
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Since the Supreme Court judgment on 14 May Draft Kings has signified its objective to enter the sports gambling market.
Horseracing channel
The Dublin-based gaming company already has a United States department, that includes the TVG Network, a horseracing TV channel and online betting network which is active in 35 states.
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And in the state of New Jersey, the business has an online gambling establishment and a horse racing wagering exchange.
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A merger with Fan Duel would it access to countless potential sports wagering fans.
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Neil Wilson, chief expert at markets.com, said betting companies were already jockeying for position after the Supreme Court ruling.
"Fan Duel rival Draft Kings has already stated it will go into the sports wagering market and there is some sense that local incumbents might have the ability to acquire considerable market share before UK and European operators get a possibility to mobilise their forces," he said.