Paddy Power in talks to tie-up with FanDuel

Paddy Power

United Kingdom and Ireland-based bookmaker Paddy Power Betfair is in discussions regarding a potential deal with a New York-based fantasy sports company FanDuel, according to latest reports.

In particular sites such as FanDuel and other daily fantasy sports focused businesses have become far more appealing to foreign sports betting company's who are looking to establish themselves in the US.

In a brief statement today in response to media speculation, the company said talks are ongoing and there was no certainty as to whether agreement will be reached.

The move comes just days after the USA relaxed its gambling laws, providing an opening for the likes of William Hill and Paddy Power Betfair.

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FanDuel previously stated its intention to launch a sports betting service should the Supreme Court overturn the federal 1992 Professional and Amateur Sports Protection Act (PASPA), which has blocked more states from offering regulated sports betting. It is backed by the likes of Kohlberg Kravis Roberts, Google Capital and NBC Sports Ventures.

FanDuel was part of merger discussion past year with rival DraftKings but the plan was scrapped in July after a legal challenge by the US Federal Trade Commission.

The company which operates from about ten years now offers a great variety of DFS to US customers and has already confirmed its willingness to enter the sport betting market of the country following the US Supreme Court ruling a couple of days ago. Deutsche Bank restated a "buy" rating on shares of Paddy Power Betfair in a research report on Friday, March 9th.

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