Paddy Power in speak to combine with Fan Duel
16 May 2018
Gambling firm Paddy Power Betfair has said it remains in talks over a merger in the US with dream sports site Fan Duel.
Talks centre around combining its US operation with Fan Duel to produce a business to "to target the prospective US sports betting market".
It comes as the American Supreme Court reversed 1992 legislation that prohibited sports betting in many US states.
Fan Duel permits sports fans to bet on dream sports leagues and contests.
Merger abandoned
It uses dream sport video gaming around NFL Football, MLB baseball, NBA basketball and NHL ice hockey. There are approximated to be around 30 million adult fantasy sports players in The United States and Canada.
Players pick which contest they desire to get in, build fantasy sports teams that do not breach a fantasy salary cap, and take part in head-to-head or multi-player contests.
The business, which was established in 2009, is based in New york city and has about 400 staff members.
A proposition to merge with rivals Draft Kings was abandoned last year, after being blocked by the Federal Trade Commission on the grounds that the combined company would manage a 90% market share.
Since the Supreme Court judgment on 14 May Draft Kings has signified its intent to get in the sports betting market.
Horseracing channel
the yohaig code Dublin-based betting company currently has an US division, which consists of the TVG Network, a horseracing TV channel and online betting network which is active in 35 states.
And in the state of New Jersey, the business has an online gambling establishment and a horse racing wagering exchange.
A merger with Fan Duel would provide it access to millions of prospective sports betting fans.
Neil Wilson, chief expert at markets.com, said betting companies were already jockeying for position after the Supreme Court judgment.
"Fan Duel rival Draft Kings has currently stated it will go into the sports betting market and there is some sense that local incumbents may be able to acquire considerable market share before UK and European operators get a possibility to mobilise their forces," he stated.
