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Paddy Power Betfair close to buying US daily fantasy sports company FanDuel – report

Tuesday, May 15, 2018 23:09
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Paddy Power Betfair plc (LON:PPB) is close to buying US daily fantasy sports company FanDuel, according to a report on the Legal Sports Report (LSR) website.

The report, which comes with investor interest high in business opportunities for the betting industry after the US Supreme Court on Monday paved the way for states to legalise sports gambling, did not give details on any bids or timing.

READ: Paddy Power Betfair a faller as betting giant posts 6% drop in first-quarter earnings

 LSR said that FanDuel CEO Matt King recently indicated that his company would be interested in getting into the sports betting space.

FanDuel was part of merger discussion last year with rival DraftKings but the plan was scrapped in July after a legal challenge by the US Federal Trade Commission.

Almost exactly a year ago, Paddy Power Betfair acquired daily fantasy sports platform Draft in a deal worth around US$50mln.

Story by ProactiveInvestors


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