Paddy Power US arm to merge with Edinburgh firm FanDuel

Paddy Power Betfair in talks to buy Fanduel

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. Nevada has been the only state with legal single-game wagering.

While US states will have to draw up their own gambling laws, a process that could take years in some cases, the shift in the US landscape is expected to encourage British firms to seek takeovers or become targets themselves.

Paddy Power Betfair has already invested $48m in there U.S. operations including the acquisition of another fantasy sports site, Draft.

He added: "FanDuel rival Draft Kings has already said it will enter the sports betting market and there is some sense that local incumbents may be able to gain significant market share before UK/European operators get a chance to mobilise their forces". Paddy Power Betfair is probably offering less than $1 billion, according to the site.




Analysts have valued FanDeal at more than $1bn.

Nearly exactly a year ago, Paddy Power Betfair acquired daily fantasy sports platform Draft in a deal worth around US$50mln. Last year, the company acquired one of FanDuel's competitors, Draft, for nearly $50 million, proceeding to spend a lot of money for marketing in the following months.

The Ireland-headquartered business cautioned that there was no certainty as to whether agreement will be reached, or as to the terms or timing of any transaction. The company also runs an online casino in New Jersey, a horse racing betting exchange, and the US horseracing TV channel TVG Network.

Rumour has it that the two parties have already been close to completing a deal, but a person close to the United Kingdom and Ireland-based sports betting operator explained that the purchase talks with FanDuel are still ongoing.

Related news:

Hot News

isis-killer-beheading-video-story-top Swachh Survekshan 2018: Welcome to Indore, India's cleanest city
May 17, 2018 - 14:38
The total number of interactions on Swachchhata app by citizens were around 1.18 crore. Last year BMC was at the 29th position.

isis-killer-beheading-video-story-top French energy giant Total to pull out of Iranian gas project
May 17, 2018 - 14:37
The oil company said USA institutions were involved in 90pc of its financing operations, and make up 30pc of its shareholder base. In announcing his withdrawal from the deal, Trump warned companies that they face sanctions if they do business with Iran.

isis-killer-beheading-video-story-top The Soros Foundation is suspending its operations in Hungary: the reason
May 16, 2018 - 05:55
The office of Orban's spokesman Zoltan Kovacs issued a one-line reply after a request for comment by Newsweek about the departure. Soros has remarked that the Hungarian government was attempting to slander him by pushing "distortions and lies".

isis-killer-beheading-video-story-top Turkey's lira slides after Erdogan says wants greater economic control
May 16, 2018 - 05:37
Erdogan said he had requested from the United Kingdom to extradite whom he called "terrorists". Erdogan had a meeting with Theresa may and Queen Elizabeth II.

isis-killer-beheading-video-story-top Putin Officially Opens Massive Bridge Linking Crimea To Russia
May 16, 2018 - 05:37
Russian Federation built the bridge in defiance of Ukraine, which said the move showed cynical disregard for worldwide law. Many in Russia saw the bridge as a move toward restoring Moscow's rule over a historically Russian region.

isis-killer-beheading-video-story-top Miramar Map Now Available in PUBG Mobile for Android and iOS
May 16, 2018 - 05:36
Miramar has been in the PC version of PlayerUnknown's Battlegrounds since late 2017, although it has yet to come to the Xbox. And while the fresh new weapons or vehicles are exciting, that's not all this latest PUBG Mobile v0.5.0 has to offer.

isis-killer-beheading-video-story-top Bethesda officially releases the Rage 2 teaser trailer, gameplay trailer coming tomorrow
May 16, 2018 - 05:32
In this regard, he declared, while laughing, the following: "We have this novel approach: You buy the game and then you play it". Bethesda's now confirmed to GameSpot that Rage 2 is a collaboration between Avalanche (of Just Cause fame) and id.

isis-killer-beheading-video-story-top Mario Tennis Aces Test Dates Announced
May 16, 2018 - 05:32
Lastly, those who participate in the online tournament will get Mario's "Overalls Mario " outfit for the full version of the game. One of the big Switch exclusives coming this year, Mario Tennis Aces , is getting a beta in June, Nintendo has announced .

isis-killer-beheading-video-story-top Incremental North Korean denuclearisation will be unacceptable - South Korea official
May 15, 2018 - 14:37
If the idea is translated into action, North Korea could enjoy economic prosperity that will rival that of South Korea. Kim, who picked Beijing to make his maiden official trip overseas in March, has also invited Xi to visit North Korea.

isis-killer-beheading-video-story-top Cleveland Cavaliers C Tristan Thompson could start Game 2 vs. Boston Celtics
May 15, 2018 - 14:36
He's going to approach this game as one he's going to have to lead and bounce back". There's lot of things we can do better in the next one".

isis-killer-beheading-video-story-top Facebook suspends 200 apps pending further investigation
May 15, 2018 - 14:36
Francesca De Quesada Covey also weighed in on the Cambridge Analytica scandal , saying Facebook takes user privacy seriously. The second phase consists of investigating each of the "suspicious" apps one by one, as described above.

isis-killer-beheading-video-story-top Elon Musk says Tesla planning 'thorough reorganisation'
May 15, 2018 - 14:34
Tesla CEO Elon Musk said in a memo on Monday that the company is reorganizing in an effort aimed at "flattening management". Musk also said that the company would continue to hire hourly and salaried positions for Model 3 production .

isis-killer-beheading-video-story-top Disillusionment appears to help Shiite cleric in Iraq vote
May 15, 2018 - 14:30
Despite that, al-Sadr's sophisticated political machine mobilized his loyal base of followers to go to the polls. Iraq's many political factions mean a government may only be formed after drawn out negotiations.

isis-killer-beheading-video-story-top United States scientists transfer memory from one snail to another by transplanting RNA
May 15, 2018 - 14:27
To treat memory-related illnesses in humans, we've first got to understand how the brain stores memories in the first place. In fact in 2014 his team had already published a paper which implied that lost memories could be restored .

isis-killer-beheading-video-story-top Karnataka elections: Siddaramaiah fuels rumours of a possible Congress-JD(S) alliance
May 14, 2018 - 03:31
If we look at India Today-Axis My India Exit Poll, it gives Congress 106-118 seats, BJP 79-92 seats and JDS 22-30 seats. The Congress, with 13 seats, is likely to increase its tally there because of the strong candidates it could field.