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

Paddy Power in speak to 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 website Fan Duel.
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Talks centre around combining its US operation with Fan Duel to develop an organization to "to target the potential US sports betting market".

It comes as the American Supreme Court reversed 1992 legislation that banned sports wagering in most US states.

Fan Duel allows sports fans to bet on dream sports leagues and contests.
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Merger deserted
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It offers 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 dream sports gamers in The United States and Canada.
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Players select which contest they wish to enter, construct fantasy sports groups that do not breach a cap, and take part in head-to-head or multi-player contests.

The company, which was established in 2009, is based in New York and has about 400 employees.

A proposal to combine with competitors Draft Kings was abandoned in 2015, after being blocked by the Federal Trade Commission on the premises that the combined firm would control a 90% market share.
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Since the Supreme Court judgment on 14 May Draft Kings has actually signified its objective to go into the sports gambling market.

Horseracing channel
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The Dublin-based gaming company currently has an US division, which consists of the yohaig code TVG Network, a horseracing TV channel and online betting network which is active in 35 states.
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And in the state of New Jersey, the business has an online gambling establishment and a horse racing wagering exchange.
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A merger with Fan Duel would provide it access to countless potential sports wagering fans.
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Neil Wilson, chief expert at markets.com, said betting firms were already jockeying for position after the Supreme Court ruling.

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