Paddy Power Betfair eyes FanDuel acquisition

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Paddy Power Betfair eyes FanDuel acquisition

The betting giant said it was responding to media speculation after reports the bookmaker was in talks to acquire the fantasy sports site.

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

No further details, including any financial details, were given and the group said that it would issue a further announcement "as appropriate".

The US Supreme Court on Monday struck down a federal law which bans gambling on individual sporting events.

Under New Jersey's sports-betting laws, only casinos and racetracks will be able to take bets on sports.

FanDuel, founded in Edinburgh, is backed by private equity firm Kohlberg Kravis Roberts, Google Capital and NBC Sports Ventures.

The report comes after the US Supreme Court this week voted to overturn the federal ban on sports betting across the country - a ruling that was met with praise by FanDuel and rival operator DraftKings.

FanDuel got its start at the 2009 SXSW Interactive festival - right there in that backyard - when our founding team made a decision to focus their efforts on changing the game in fantasy sports.

FanDuel was part of merger discussion past year with rival DraftKings but the plan was scrapped in July after a legal challenge by the U.S. Federal Trade Commission. Deutsche Bank restated a "buy" rating on shares of Paddy Power Betfair in a research report on Friday, March 9th.

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