Paddy Power in speak with merge with Fan Duel
16 May 2018
Gambling firm Paddy Power Betfair has said it remains in talks over a merger in the US with dream sports site Fan Duel.
Talks centre around combining its US operation with Fan Duel to create a company to "to target the potential US sports betting market".
It comes as the American Supreme Court overturned 1992 legislation that banned sports betting in most US states.
Fan Duel permits sports fans to bet on fantasy sports leagues and contests.
Merger abandoned
It uses fantasy sport gaming around NFL American Football, MLB baseball, NBA basketball and NHL ice hockey. There are approximated to be around 30 million adult dream sports gamers in The United States and Canada.
Players select which contest they desire to get in, develop dream sports groups that do not breach a fantasy salary cap, and take part in head-to-head or multi-player contests.
The business, which was founded in 2009, is based in New York and has about 400 staff members.
A proposition to merge with rivals Draft Kings was deserted in 2015, after being obstructed by the Federal Trade Commission on the premises that the combined firm would control a 90% market share.
Since the Supreme Court judgment on 14 May Draft Kings has signified its intent to get in the sports gambling market.
Horseracing channel
The Dublin-based gambling company currently has an US division, that includes the TVG Network, a horseracing TV channel and online betting network which is active in 35 states.
And in the state of New Jersey, the company has an online gambling establishment and a horse racing betting exchange.
A merger with Fan Duel would offer it access to millions of prospective sports wagering fans.
Neil Wilson, primary analyst at markets.com, said wagering firms were currently jockeying for position after the Supreme Court judgment.
"Fan Duel competing Draft Kings has already said it will get in the sports wagering market and there is some sense that regional incumbents may have the ability to get significant market share before UK and European operators get an opportunity to mobilise their forces," he stated.
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