Paddy Power in talks to merge with Fan Duel

  • Paddy Power in talks to merge with Fan Duel

Paddy Power in talks to merge with Fan Duel

The terms of the potential deal are not yet clear.

Paddy Power-Betfair confirmed the talks two days after the U.S. Supreme Court struck down a 1992 federal law prohibiting states from authorizing sports wagering.

Paddy Power Betfair this morning confirmed it was in talks with FanDuel over a potential takeover "to target the prospective U.S. sports betting market". Business Insider also spoke to a source with knowledge of the deal.

Barclays restated an "overweight" rating and set a GBX 9,400 ($131.10) target price on shares of Paddy Power Betfair in a research note on Wednesday, January 10th.

Rumour has it that the two parties have already been close to completing a deal, but a person close to the United Kingdom and Ireland-based sports betting operator explained that the purchase talks with FanDuel are still ongoing.

FanDuel got its start at the 2009 SXSW Interactive festival - right there in that backyard - when our founding team chose to focus their efforts on changing the game in fantasy sports.

The move is created to capitalise on the US Supreme Court's decision on Monday to strike down a 1994 ban that prevented most states from permitting sports betting.

In 2017, FanDuel had planned to merge with rival DraftKings, but it was called off after the US Federal Trade Commission (FTC) said it would oppose the merger.

Paddy Power Betfair (LON:PPB)'s stock had its "reduce" rating restated by analysts at Peel Hunt in a report released on Monday, April 23rd.