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Paddy Power in speak to merge with Fan Duel

16 May 2018

Gambling company Paddy Power Betfair has said it remains in talks over a merger in the US with dream sports website Fan Duel.

Talks centre around combining its US operation with Fan Duel to develop a business to "to target the yohaig code prospective US sports wagering market".

It comes as the yohaig code American Supreme Court overturned 1992 legislation that banned sports betting in many US states.

allows sports fans to bet on fantasy sports leagues and contests.

Merger abandoned

It offers dream sport video gaming around NFL American Football, MLB baseball, NBA basketball and NHL ice hockey. There are estimated to be around 30 million adult fantasy sports players in North America.

Players pick which contest they want to enter, develop dream sports groups that do not breach a dream wage cap, and participate in head-to-head or multi-player contests.

The business, which was established in 2009, is based in New York and has about 400 staff members.

A proposal to combine with rivals Draft Kings was abandoned last year, after being blocked by the Federal Trade Commission on the grounds that the combined firm would control a 90% market share.

Since the yohaig code Supreme Court judgment on 14 May Draft Kings has actually signified its intent to enter the sports gambling market.

Horseracing channel

the yohaig code Dublin-based betting company currently has an US department, that includes the TVG Network, a horseracing TV channel and online wagering network which is active in 35 states.

And in the state of New Jersey, the company has an online casino and a horse racing wagering exchange.

A merger with Fan Duel would provide it access to millions of possible sports betting fans.

Neil Wilson, chief expert at markets.com, stated wagering firms were currently jockeying for position after the yohaig code Supreme Court ruling.

"Fan Duel rival Draft Kings has already stated it will get in the sports wagering market and there is some sense that regional incumbents may be able to acquire considerable market share before UK and European operators get a chance to mobilise their forces," he said.