Paddy Power Betfair confirms talks with FanDuel

Paddy Power Betfair confirms talks with FanDuel

The Irish bookmaker is targeting America after a Supreme Court ruling on Monday paved the way for states to legalise sports gambling. Nevada has been the only state with legal single-game wagering.

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.

If a deal goes ahead, it is likely to be worth considerably more than the $48m (£35.6m) that Paddy Power paid for FanDuel's smaller rival Draft previous year. Sports gambling could begin in a matter of weeks in casinos and racetracks in New Jersey, which instigated the legal fight by repealing its gambling ban.

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From the FanDuel side, the knowledge and experience of the two betting giants would be invaluable as they expand into the traditional sports betting market.

Analysts have valued FanDeal at more than $1bn.

The move comes just days after the U.S. relaxed its gambling laws, providing an opening for the likes of William Hill and Paddy. The company operates through Online, Australia, Retail, and USA segments.

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Paddy Power already has a US-based operation, TVG, the largest online horse racing business in the U.S., with account holders in thirty-five states and a TV channel, as well as an online casino and horse racing betting exchange in New Jersey.

However, while Paddy Power hopes to be the buyer in this case, analysts at the stockbroker Goodbody said European betting firms could find that they are tempting targets for USA companies looking to purchase expertise. 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.

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