Thursday, 16 August, 2018

Paddy Power in discussions to combine USA business with FanDuel

Bookies raced ahead after the US eased gambling regulations Bookies raced ahead after the US eased gambling regulations
Laurie Berry | 17 May, 2018, 03:03

Paddy Power-Betfair confirmed the talks two days after the U.S. Supreme Court struck down a 1992 federal law prohibiting states from authorizing sports wagering.

Paddy Power Betfair also explained that the negotiations are centred around combining its existing operations with the local DFS operator, which already has a good presence in the county, in order to create a joint venture that would target the possibilities in the United States sports betting market.

The announcement makes it clear that for now the company has simply expressed its interest in the deal and no agreement has yet to be reached between Paddy Power Betfair and FanDuel.

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 increased their price objective on shares of Paddy Power Betfair from GBX 8,420 ($114.22) to GBX 8,690 ($117.88) and gave the company a "neutral" rating in a research report on Friday, January 12th.

FanDuel has hitherto focused on offreing its 6m registered users online and app-based fantasy sports games across the NFL, NBA, MLB and National Hockey League.

Paddy Power Betfair claim that a potential deal would see a combination of the groups U.S. based businesses with FanDuel.

Iran and Europe try to save nuclear deal
Iran's Supreme Leader Ali Khamenei has already said that Israel won't exist in 25 years if it continues to destabilize the region. French Foreign Minister Jean-Yves Le Drian has said that his country intends to stay in the Iran nuclear deal.

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

While US states will have to draw up their own gambling laws, a process that could take years in some cases, the shift in the US landscape is expected to encourage British firms to seek takeovers or become targets themselves.

With five million users, Paddy Power Betfair is a powerhouse in the sports betting world.

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

Paddy Power Betfair is reportedly closing in on a deal to acquire daily fantasy sports (DFS) operator FanDuel.

The potential deal comes on the heels of a major shift in USA law to allow sports wagering.

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