Paddy Power Betfair is considering buying FanDuel
Paddy Power Betfair is considering merging its U.S. business with fantasy sports company FanDuel to target the U.S. sports betting market, the Irish bookmaker said on Wednesday.
The Dublin-based company said talks with FanDuel are ongoing and there was no certainty as to whether an agreement would be reached.
Paddy Power shares, which rose sharply after the U.S. Supreme Court ruling, were up 5.4.
The FTSE 100 gambling group said on Wednesday morning that “it is in discussions, regarding a potential combination of the group’s US business and FanDuel to create a combined business to target the prospective US sports betting market.” Paddy Power Betfair was forced to respond to media reports on Tuesday that the the two groups were close to completing a deal.
It said: “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.” People close to the the bookmaker said it has been talking to American gambling groups for weeks over potential deals and partnerships, in anticipation of a US Supreme Court decision delivered on Monday that struck down a federal law against sports.