Paddy Power Betfair confirms it is in talks to buy FanDuel after US ruling lifting ban on sports betting
Paddy Power Betfair this morning confirmed it was in talks with FanDuel over a potential merger “to target the prospective US sports betting market”.
The betting giant said it was responding to media speculation after reports the bookmaker was in talks to acquire the fantasy sports site.
“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.
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The move comes after a US court ruling earlier this week struck down a decades-long restriction on sports betting.
On Monday, the US Supreme Court ruled in favour of the state of New Jersey, effectively ditching the Professional and Amateur Sports Protection Act (PASPA). US states can now establish their own regulated sports betting.
That news had already sent shares in bookies GVC, William Hill and Paddy Power Betfair up, with analysts saying the development marked a big opportunity for them as the big-name bookmakers were likely to be eyeing expansion in the US as a result.
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