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Power Betfair confirms it is in talks to buy US daily fantasy sports company FanDuel

Tuesday, May 15, 2018 23:57
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Paddy Power Betfair plc (LON:PPB) has confirmed it is in talks to acquire US daily fantasy sports company FanDuel.

In a statement noting media speculation, the FTSE 100-listed betting firm said “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” are ongoing.

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

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.

The company’s statement comes following a report on the Legal Sports Report (LSR) website which did not give details on any bids or timing.

The move 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,

The LSR report noted 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



Source: http://www.proactiveinvestors.com/companies/news/197063/power-betfair-confirms-it-is-in-talks-to-buy-us-daily-fantasy-sports-company-fanduel-197063.html

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