Paddy Power in talks on United States merger

Paddy Power Betfair in talks to buy Fanduel

Paddy Power Betfair confirms it is in talks to buy FanDuel after restriction lifted on sports betting in the US

In a statement noting media speculation, the FTSE 100-listed betting firm said "discussions, regarding a potential combination of the Group's United States business and FanDuel to create a combined business to target the prospective United States sports betting market" are ongoing.

Paddy Power Betfair has become the first big bookmaker to show its hand on U.S. sports betting, confirming that it is in talks to acquire Fanduel, the online fantasy sports operator. The announcement follows the decision of the US Supreme Court which overturned the Professional and Amateur Sports Protection Act of 1992 and lifted the federal ban imposed on sports betting operations by the afore-mentioned piece of legislation. It offers exchange sports betting and pari-mutuel betting products, fixed odds games betting, online games and casino, and business-to-business services, as well as peer to peer games, including online bingo and poker.

FanDuel, founded in Edinburgh, is backed by the likes of Kohlberg Kravis Roberts, Google Capital and NBC Sports Ventures.

The Irish bookmaker is targeting America after a Supreme Court ruling on Monday paved the way for states to legalise sports gambling.

FanDuel lets users build fantasy teams, follow games, and win cash, and it would offer Paddy Power Betfair a major doorway into the U.S. market - as well as details on tens of millions of users that might use its other gambling products.

FanDeal and another rival, DraftKings, held merger talks but plans were called off after the US Federal Trade Commission opposed the deal.

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