Paddy Power Betfair launches bid for FanDuel
Paddy Power Betfair in talks with FanDuel
Paddy Power Betfair is currently engaged in negotiations to acquire leading fantasy sports league, FanDuel. The announcement comes just days after the U.S. Supreme Court decision to lift PASPA and legalise sports betting nationwide.
The UK-listed bookmaker – currently valued on the public markets at £6.5 billion (US$8.8 billion), issued a statement cautioning the media about speculating on the possible deal.
“Paddy Power Betfair plc notes the media speculation, and confirms it is in 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,” PPB said in a statement posted on its website. “Discussions are ongoing and there is no certainty as to whether an agreement will be reached, or as to the terms or timing of any transaction.”
The landmark ruling has resulted in a rise in shares in UK gambling companies, and PPB is well placed to grab a slice of the U.S. market, having already established a U.S. division that includes an online race betting network in 35 states and the TVG Network race broadcasting business. Their shares jumped by more than 12% after the ruling was announced.
Online casino 888 and high street bookmaker William Hill have also seen their shares soar after the repeal of PASPA.
The Dublin-based company, which was formed in 2016 after Paddy Power and Betfair merged, also manages an online casino in New Jersey, as well as U.S. daily fantasy sports site DRAFT, which it bought for a sum of $48 million last year.
Web-based fantasy sports game FanDuel currently boasts 6 million registered users and is thought to be worth in the region of 1b$.
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