Paddy Power in discussions to combine United States business with FanDuel

British bookmaker Paddy Power Betfair Plc PPB.I is close to buying US daily fantasy sports company FanDuel, according to a report on Tuesday by the Legal Sports Report (LSR), citing unnamed sources.

According to media reports, Paddy Power Betfair has entered negotiations for the acquisition of the online daily fantasy sports (DFS) operator FanDuel in an attempt to take advantage of the recently-lifted federal ban on sports betting in the US.

"Discussions are ongoing and there is no certainty as to whether agreement will be reached, or as to the terms or timing of any transaction", the group said in a statement.

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.

FanDuel, founded in Edinburgh, is backed by private equity firm Kohlberg Kravis Roberts, Google Capital and NBC Sports Ventures. Last year, the company bought a daily fantasy company, Draft.com, that has a far smaller footprint than either FanDuel or DraftKings, the two dominant players in the market.

The news follows Monday's US Supreme Court, paving the way for individual states to legalise the practice.

The move offers a potential lifeline to United Kingdom bookmakers, which are braced for the imminent outcome of a review into so-called fixed-odds betting terminals that is expected to slash the maximum stake punters are allowed to bet.

(Copyright © 2015. All Rights Reserved.)
 
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