paddy-power-in-talks-to-merge-with-fan-duel

1 Paddy Power in Talks to Merge With Fan Duel

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Paddy Power in talks to merge with Fan Duel
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16 May 2018

Gambling firm Paddy Power Betfair has stated it is in talks over a merger in the US with fantasy sports site Fan Duel.

Talks centre around integrating its US operation with Fan Duel to develop a service to "to target the potential US sports betting market".

It comes as the American Supreme Court reversed 1992 legislation that betting in most US states.
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Fan Duel enables sports fans to gamble on fantasy sports leagues and contests.

Merger abandoned
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It uses dream sport gaming around NFL Football, MLB baseball, NBA basketball and NHL ice hockey. There are approximated to be around 30 million adult dream sports players in North America.

Players pick which contest they desire to enter, build dream sports teams that do not breach a fantasy income cap, and participate in head-to-head or multi-player contests.
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The company, which was established in 2009, is based in New York and has about 400 workers.
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A proposition to combine with competitors Draft Kings was deserted in 2015, after being blocked by the Federal Trade Commission on the grounds that the combined firm would control a 90% market share.
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Since the Supreme Court judgment on 14 May Draft Kings has indicated its objective to enter the sports betting market.
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Horseracing channel

The Dublin-based gaming company already has an US division, which includes the TVG Network, a horseracing TV channel and online betting network which is active in 35 states.
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And in the state of New Jersey, the business has an online casino and a horse racing wagering exchange.

A merger with Fan Duel would give it access to countless prospective sports betting fans.
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Neil Wilson, primary expert at markets.com, said betting firms were already jockeying for position after the Supreme Court judgment.

"Fan Duel rival Draft Kings has currently said it will enter the sports betting market and there is some sense that regional incumbents might be able to acquire significant market share before UK and European operators get a possibility to mobilise their forces," he stated.