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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
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.
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.
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