May 27, 2018

Paddy Power in discussions to combine USA business with FanDuel

17 May 2018, 03:03 | Cesar Cruz

Fantasy sports companies have been under pressure over whether their games are gamblingKEVIN COX GETTY

Fantasy sports companies have been under pressure over whether their games are gambling

The BBC reported that Paddy Power Betfair initiated negotiations after Monday saw the United States Supreme Court overturn a lower court decision in ruling as unconstitutional the Professional and Amateur Sports Protection Act (PASPA) of 1992. Nevada has been the only state with legal single-game 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".

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. The case was prompted by efforts in New Jersey to bring sports betting to the state, in part to help revive Monmouth Park.The Oceanport, N.J., racetrack said it plans to to have its William Hill Sports Book in operation by Memorial Day. In the same way we revolutionized fantasy sports, we will bring innovation to the sports betting space.

Analysts have valued FanDeal at more than $1bn.

Centre asks WB govt to send another report on panchayat poll violence
The voting took place for 621 zilla parishads, over six thousand panchayat samitis, and almost 31 thousand gram panchayats. He said the administration was in the process of ensuring tight security for Wednesday's re-polling between 7am and 5pm.

Paddy Power shares, which rose after the US Supreme Court ruling, gained another 7 per cent yesterday to close at €93.90 in Dublin. Company officials hope to be licensed and offering online casino games and sports betting by 2019.

Paddy Power already has a US-based operation, TVG, the largest online horse racing business in the USA, 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.

"Given the regulatory and taxation headwinds that European operators are facing in their home markets over the next few years, [the repeal of PASPA] is a very attractive long-term positive for the companies under our coverage and as such is supportive of their long-term growth prospects", they said. This decision allows us to bring the passion and engagement we have seen among our users to new and expanded marketplaces and create a sports betting product that fans will love.

Other News

Trending Now

World Health Organization gets Congo's go-ahead to launch Ebola vaccination experiment
According to her, unless hospitals are prepared properly and equipped with Ebola vaccines, it will be an epidemic Nigeria may be unable to take on.

Kami Rita Sherpa summits Mount Everest for record 22nd time
Sherpa is a single mom to three kids and lives in Hartford, Connecticut where she works as a dishwasher at the local Whole Foods. She moved to the United States 16 years ago and says she plans to continue climbing, while keeping her job in the supermarket.

Arsenal Ready To Gamble On Arteta As Wenger Replacement
Celtic's Brendan Rodgers and former Arsenal great Patrick Viera were also among the names to be chosen for the job. Barcelona was also negotiating with Barcelona ex-coach Luis Enrique.

Senate panel releases interview transcripts with Trump Jr
Following the publication of the documents, Trump Jr. said they showed that he " answered every question asked " by the committee. Trump said, however, that he would have taken such a message only as "general well-wishing", not a concrete offer of help.

Florida man dies after e-cigarette explodes
The Smok-E Mountain Mech Works vaping device, which is made in The Philippines, is an unregulated mechanical e-cigarette. Fire Administration said. "This is a bad shock", Christopher D'Elia, the man's father, told ABC Action News .

Italy's 5-Star, League on verge of govt deal
Di Maio charged against the Financial Times and unelected Eurocrats for undermining the prospect of an M5S-league government. It has hesitated about signing up to a full-frontal confrontation with Europe over public accounts.

Novartis's top lawyer is out after Michael Cohen payments
An investigation in Greece , where Novartis allegedly bribed top government officials millions of euros for product sales. Blame, instead, has fallen more heavily on former CEO Joe Jimenez, who handed the job to Narasimhan in February.

Body clock disruptions linked to mood disorders
It was also associated with decreased happiness and health satisfaction, and a higher risk of reporting loneliness. Greater disease risks arising from this disruption have been identified in the brain, pancreas and stress systems.

Macy's easily beats forecasts, lifts full-year expectations
Net cash used by investing activities in the first quarter of 2018 was $156 million, contrast with $60 million a year ago. First-quarter earnings are in for Macy's Inc (NYSE:M), and the retailer has unwrapped a pleasant surprise for investors.

Do you hear what I hear? Yanny vs Laurel
But others have said it's just a simple case of bass versus treble: If you happen to pick up bass tones more, you hear "Laurel". Does age or health matter in terms of how you hear the clip? If you hear Laurel, you're more likely hearing lower frequencies.