European online and retail sportsbetting and gaming operator Paddy Power Betfair has reportedly announced that it is in negotiations regarding the possible purchase of American daily fantasy sports operator FanDuel Incorporated.
According to a report from the British Broadcasting Corporation (BBC), Dublin-headquartered Paddy Power Betfair entered the American daily fantasy sportsmarket last year following its US$48 million purchase of PlayDraft.com and stated earlier today that it is now considering a move for FanDuel Incorporated in order ‘to create a combined business to target the prospective United States sports betting market’.
The BBC reported that Paddy Power Betfair initiated negotiations after Monday, May 14, when the United States Supreme Court overturned a lower court decision in ruling as unconstitutional the Professional and Amateur Sports Protection Act of 1992.
“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,” read a statement from Paddy Power Betfair. “A further announcement will be made as appropriate.”
Full Content: The Guardian
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