Paddy Power in talks with USA fantasy sports website FanDuel

Alicia Cross
May 17, 2018

In a brief statement today in response to media speculation, the company said talks are ongoing and there was no certainty as to whether agreement will be reached.

The BBC reported that New York City-based FanDuel incorporated was established in 2009 and that its around 400 employees provide aficionados with a myriad of Major League Baseball (MLB), National Football League (NFL), National Hockey League (NHL) and National Basketball Association (NBA) fantasy sport gaming markets.

On Monday, the Supreme Court struck down the Professional and Amateur Sports Protection Act of 1992, a federal law meant to prohibit most states from.

The UK and Ireland-based bookmaker set foot in the US DFS market in 2017 for the first time, thanks to the acquisition of the local fantasy sports website Draft at the price of $48 million. The decision paves the way for all 50 states to legalize and regulate sports betting through state legislation. Paddy Power shares rose 5.5% to 81.90 pounds at 9:45 a.m. This is a positive change from Paddy Power Betfair's previous dividend of $65.00.

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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.

FanDuel grew to become one of two Scots unicorns, with a $1 billion valuation, alongside Skyscanner.

FanDuel is backed by private equity firm Kohlberg Kravis Roberts, Google Capital and NBC Sports Ventures.

Opportunities in a deregulated USA market will be more important for gambling companies if the United Kingdom clamps down, as expected, on the amounts customers can stake on highly profitable fixed-odds betting terminals, which have been linked to problem gambling and blamed for causing social harm.

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