Paddy Power in discussions to combine U.S. business with FanDuel

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

Legal Sports Report said the ruling may have triggered an escalation in talks between Paddy Power Betfair and FanDuel, given the opportunities this now presents to the DFS brand.

On Monday, the Supreme Court overturned the Professional and Amateur Sports Protection Act, a federal law that prevented states from allowing gambling on sports.

It added, however, that "there is no certainty as to whether agreement will be reached, or as to the terms or timing of any transaction" and said a further announcement will be made as appropriate.

Paddy Power shares, which rose after the US Supreme Court ruling, gained another 7 per cent yesterday to close at €93.90 in Dublin. JPMorgan Chase lifted their price objective on shares of Paddy Power Betfair from GBX 8,420 ($117.43) to GBX 8,690 ($121.20) and gave the company a "neutral" rating in a research report on Friday, January 12th. The decision paves the way for all 50 states to legalize and regulate sports betting through state legislation. Deutsche Bank reiterated a "buy" rating on shares of Paddy Power Betfair in a research report on Friday, March 9th.

Trailers for 'The Neighborhood,' 'Magnum PI' and more new CBS series
Executive producer Dick Wolf's new crime drama is set in NY and stars Jeremy Sisto, Zeeko Zaki, Missy Peregrym and Connie Nielsen. Although not yet officially canceled, "Code Black" or "Ransom" were not mentioned in the CBS plans for the fall or midseason.

For Paddy Power Betfair, apart from the brand recognition, the FanDuel database would be a great source for acquiring new bettors from all over the U.S. as more states pass their sports betting bills.

FanDuel, which is based largely in NY as its main businesses are in America, still maintains a significant presence in Scotland.

The talks may be the start of a wave of deals involving betting companies in the U.S. Since the ruling was released, gambling stocks have surged amid speculation that the ruling could lead to a rapid and widespread expansion of sports wagering in the USA, despite significant uncertainties that could delay and disrupt the process.

Fantasy sports websites have been able to operate because they are considered to be games of skill rather than chance.

Latest News