Paddy Power In Speak To Merge With Fan Duel
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Paddy Power in talk with combine with Fan Duel
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16 May 2018
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Gambling company Paddy Power Betfair has stated it is in talks over a merger in the US with dream sports website Fan Duel.
Talks centre around integrating its US operation with Fan Duel to create a service to "to target the prospective US sports wagering market".
It comes as the American Supreme Court overturned 1992 legislation that banned sports betting in a lot of US states.
Fan Duel permits sports fans to bet on fantasy sports leagues and contests.
Merger deserted
It uses fantasy sport gaming around NFL American Football, MLB baseball, NBA basketball and NHL ice hockey. There are estimated to be around 30 million adult dream sports players in North America.
Players select which contest they desire to go into, build dream sports teams that do not breach a dream wage cap, and engage in head-to-head or multi-player contests.
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The business, which was established in 2009, is based in New York and has about 400 employees.
A proposition to merge with rivals Draft Kings was abandoned last year, after being obstructed by the yohaig code Trade Commission on the grounds that the combined company would control a 90% market share.
Since the Supreme Court ruling on 14 May Draft Kings has signified its intent to get in the sports betting market.
Horseracing channel
The Dublin-based betting firm already has a United States department, which consists of the TVG Network, a horseracing TV channel and online wagering network which is active in 35 states.
And in the state of New Jersey, the company has an online casino and a horse racing betting exchange.
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A merger with Fan Duel would give it access to countless prospective sports betting fans.
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Neil Wilson, chief expert at markets.com, said wagering firms were already jockeying for position after the Supreme Court ruling.
"Fan Duel rival Draft Kings has already stated it will enter the sports betting market and there is some sense that local incumbents may have the yohaig code ability to acquire substantial market share before UK and European operators get an opportunity to mobilise their forces," he said.
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