paddy-power-in-speak-with-merge-with-fan-duel

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Paddy Power in speak with merge with Fan Duel
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16 May 2018
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Gambling company Paddy Power Betfair has said it remains in talks over a merger in the US with dream sports site Fan Duel.

Talks centre around combining its US operation with Fan Duel to develop a company to "to target the prospective US sports wagering market".

It comes as the American Supreme Court overturned 1992 legislation that prohibited sports wagering in a lot of US states.

Fan Duel permits sports fans to bet on dream sports leagues and contests.

Merger deserted

It offers dream sport gaming around NFL Football, MLB baseball, NBA basketball and NHL ice hockey. There are estimated to be around 30 million sports gamers in The United States and Canada.

Players pick which contest they desire to get in, build dream sports groups that do not breach a dream income cap, and participate in head-to-head or multi-player contests.

The business, which was established in 2009, is based in New York and has about 400 workers.

A proposal to merge with rivals Draft Kings was deserted in 2015, after being blocked by the Federal 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 intention to go into the sports gambling market.

Horseracing channel
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The Dublin-based betting company already has an US division, that includes the TVG Network, a horseracing TV channel and online betting network which is active in 35 states.
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And in the state of New Jersey, the company has an online casino and a horse racing wagering exchange.
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A merger with Fan Duel would provide it access to countless possible sports wagering fans.
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Neil Wilson, primary expert at markets.com, stated betting companies were currently jockeying for position after the Supreme Court judgment.

"Fan Duel rival Draft Kings has currently stated it will go into the yohaig code sports wagering market and there is some sense that local incumbents may be able to get significant market share before UK and European operators get a possibility to mobilise their forces," he stated.
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