Irish Bookmaker Confirms It's In Deal Talks With FanDuel

Irish Bookmaker Confirms It's In Deal Talks With FanDuel

Irish Bookmaker Confirms It's In Deal Talks With FanDuel

The move comes in the immediate wake of a US Supreme Court ruling which this week struck down a federal law that has severely restricting sports betting there since 1992. Nevada has been the only state with legal single-game wagering.

In a statement noting media speculation, the FTSE 100-listed betting firm said "discussions, regarding a potential combination of the Group's U.S. business and FanDuel to create a combined business to target the prospective USA sports betting market" are ongoing.

The shares rose 6.6% to £82.70 on the news of the bookmaker's plans for United States expansion, just days after a court ruling that could unlock the betting market in the world's largest economy.

The announcement makes it clear that for now the company has simply expressed its interest in the deal and no agreement has yet to be reached between Paddy Power Betfair and FanDuel.

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Morgan Stanley restated their underweight rating on shares of Paddy Power Betfair (LON:PPB) in a research report sent to investors on Tuesday, April 24th. This is a boost from Paddy Power Betfair's previous dividend of $65.00. Earlier today, the company itself confirmed the rumoured deal, saying that it is now in merger talks with FanDuel.

FanDuel is a web-based fantasy sports game with 6 million registered users, who can put together virtual teams in sports such as American football and win cash prizes based on their success against other players.

FanDuel grew to become one of two Scots unicorns, with a $1 billion valuation, alongside Skyscanner. Among the firms that have invested in FanDuel since its founding are KKR & Co., Alphabet Inc.'s Capital G fund, Time Warner Investments and NBC Sports Ventures.

The Government is expected to cut the maximum stake for fixed-odds betting terminals (FOBTs) to £2, with betting firms set for a profits hit as a result of the change.

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