Paddy Power Betfair eyes FanDuel acquisition

Share
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.

Share

Advertisement

Related Posts

Tencent blows past estimates as WeChat, games drive growth
Net profits increased 65% year-on-year to reach $3.82 billion on revenues of $11.7 billion in the three months to end of March. That's still not cheap: But investors can now expect a return to the good old days of Tencent's shares heading ever higher.

Public Advocate Letitia James plans to enter race for attorney general
Republicans believe no one who is planning to run for a full term in November should be considered for the interim position. The remaining six attorney general candidates, including Humbach, Diederich and Zapesochny, will interview Wednesday.

In return from bereavement, A's player hits homer for mom
It's been an emotional time for Oakland Athletics outfielder Stephen Piscotty . Piscotty had been away from the team following the death of his mother.

Top Novartis Executive Retires Over $1.2 Million Payment To Michael Cohen
Ehrat will be replaced starting from June 1 by Shannon Thyme Klinger, who is now Novartis's ethics, risk and compliance officer. President Donald Trump , saying on Wednesday that it was legal but still an error.

First Mission Impossible: Fallout Trailer Introduces a Deadly Henry Cavill
Expect Tom Cruise to deliver his usual brand of style and grace to the media and publicity campaign in the lead-up to release. There's more of that jaw-dropping helicopter set piece too, set to be Fallout's "big stunt" in the grand Mission tradition.

Major UK train line RENATIONALISED as Virgin loses deal
Trains on the East Coast Mainline will gradually transfer to LNER branding from VTEC branding. Stagecoach chief executive Martin Griffiths said he was "surprised and disappointed".

Google probed in Australia for allegedly tracking phone users at their expense
To that end, as someone who admittedly uses his phone too much, Google's Digital Wellbeing initiatives are a good start. However, many devs doubt that the feature will still be available when the final version of Android P arrives.

Bengaluru voter turnout pulled down by faulty electoral rolls?
A total of 2,654 candidates are in the fray and the 4.96-crore-strong electorate, including 2.44 crore women, will cast their votes.

Exodus Delayed, Release Shifted to Q1 2019
Inspired by the novels of Dmitry Glukhovsky, Metro Exodus continues Artyom's story in the greatest Metro adventure yet. Most expected the game to have a big showing at E3 2018, but that may no longer be the case given the news.

Windrush scandal: United Kingdom admits 63 people could have been wrongfully deported
The Labour MP David Lammy said: "This is the worst human rights and home affairs crisis in my time in politics". Some have been detained and may have been wrongly deported.

© 2015 ExpressNewsline. All Rights reserved.