Paddy Power in talks with U.S. fantasy sports website FanDuel

Paddy Power in talks with U.S. fantasy sports website FanDuel

Paddy Power in talks with U.S. fantasy sports website FanDuel

The Supreme Court ruling did make sports wagering legal in New Jersey, which already had laws and regulations on the books authorizing the practice.

Paddy Power Betfair has become the first big bookmaker to show its hand on United States sports betting, confirming that it is in talks to acquire Fanduel, the online fantasy sports operator.

FanDuel allows players to pick fantasy sports teams and play against each other for cash prizes.

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A possible merger with FanDuel is expected to provide Parry Power Betfair with access to literally millions of potential customers on the local sports betting market, with the latter set to become a crowded and highly-competitive one due to a large number of companies having their eyes on the new betting options available.

He added: "FanDuel rival Draft Kings has already said it will enter the sports betting market and there is some sense that local incumbents may be able to gain significant market share before UK/European operators get a chance to mobilise their forces". Last year, the company acquired one of FanDuel's competitors, Draft, for nearly $50 million, proceeding to spend a lot of money for marketing in the following months.

Analysts have valued FanDeal at more than $1bn.

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The move comes just days after the U.S. relaxed its gambling laws, providing an opening for the likes of William Hill and Paddy Power Betfair.

They closed up a further 6% on Wednesday at £82.15 as markets digested the potential for the company to add FanDuel to its existing USA operation.

"Given the regulatory and taxation headwinds that European operators are facing in their home markets over the next few years, [the repeal of PASPA] is a very attractive long-term positive for the companies under our coverage and as such is supportive of their long-term growth prospects", they said.

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