Paddy Power Betfair plc Its in Merger Talks with FanDuel

Daniel Fowler
May 16, 2018

In a statement noting media speculation, the FTSE 100-listed betting firm said "discussions, regarding a potential combination of the Group's United States business and FanDuel to create a combined business to target the prospective United States sports betting market" are ongoing.

British bookmaker Paddy Power Betfair Plc PPB.I is close to buying USA daily fantasy sports company FanDuel, according to a report on Tuesday by the Legal Sports Report (LSR), citing unnamed sources.

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.

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Under New Jersey's sports-betting laws, only casinos and racetracks will be able to take bets on sports. It is backed by the likes of Kohlberg Kravis Roberts, Google Capital and NBC Sports Ventures.

On Monday, following the supreme court decision, FanDuel said: "The supreme court's decision, which paves the way for states to legalise sports betting, creates an enormous opportunity for FanDuel as our platform, brand and customer base provide a unique and compelling foundation to meaningfully participate". Last year, the company bought a daily fantasy company, Draft.com, that has a far smaller footprint than either FanDuel or DraftKings, the two dominant players in the market. Finally, Numis Securities restated a "hold" rating and issued a GBX 8,320 ($116.04) price target on shares of Paddy Power Betfair in a research report on Wednesday, March 14th.

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