Published: Wed, May 16, 2018
Business | By Tara Barton

Paddy Power in talks on United States merger

Paddy Power in talks on United States merger

Paddy Power Betfair has confirmed it is in talks to buy or merge with United States fantasy sports website Fanduel as UK betting firms prepare to cash in on the end of a nationwide ban on gambling across the pond.

No further details, including any financial details, were given and the group said that it would issue a further announcement "as appropriate".

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

The US supreme court on Monday struck down a 1992 federal law that barred gambling on individual sporting events in most places.

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He added: "FanDuel rival Draft Kings has already said it will enter the sports betting market and there is some sense that local incumbents may be able to gain significant market share before UK/European operators get a chance to mobilise their forces".

The news follows a US Supreme Court ruling on Monday that paved the way for states to legalise sports gambling and Paddy Power Betfair's entry into the US fantasy sports market previous year with the acquisition of DRAFT for up to $48m.

Earlier this month, the company announced the return of £500m in cash to shareholders after first-quarter results showed a dip in revenues.

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