paddy-power-in-talk-with-merge-with-fan-duel

Paddy Power in talk with combine with Fan Duel

16 May 2018

Gambling company Paddy Power Betfair has said it remains in talks over a merger in the US with fantasy sports site Fan Duel.
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Talks centre around combining its US operation with Fan Duel to develop a business to "to target the potential US sports betting market".
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It comes as the American Supreme Court reversed 1992 legislation that prohibited sports wagering in a lot of US states.

Fan Duel enables sports fans to bet on dream sports leagues and contests.
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Merger abandoned
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It provides dream sport video gaming around NFL American Football, MLB baseball, NBA basketball and NHL ice hockey. There are approximated to be around 30 million adult fantasy sports players in North America.

Players choose which contest they desire to enter, develop fantasy sports groups that do not breach a fantasy income cap, and participate in head-to-head or multi-player contests.

The company, which was founded in 2009, is based in New york city and has about 400 staff members.

A proposal to combine with rivals Draft Kings was deserted in 2015, after being blocked by the Federal Trade Commission on the grounds that the combined firm would manage a 90% market share.
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Since the Supreme on 14 May Draft Kings has actually signalled its intention to enter the sports gambling market.
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Horseracing channel
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The Dublin-based gambling company already has an US department, 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 yohaig code 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 prospective sports wagering fans.

Neil Wilson, primary expert at markets.com, stated wagering companies were already jockeying for position after the Supreme Court judgment.

"Fan Duel competing Draft Kings has already said it will go into the sports betting market and there is some sense that regional incumbents might be able to gain significant market share before UK and European operators get an opportunity to mobilise their forces," he said.