ibusinesslines.com
ibusinesslines.com December 13, 2018


Paddy Power to buy New York-based fantasy sports site

17 May 2018, 03:04 | Kelvin Horton

Gambling site Nigel Eccles

Gambling site Nigel Eccles

Paddy Power Betfair plc, together with its subsidiaries, provides online interactive sports betting services in the United Kingdom, Ireland, Australia, the Unites States, and internationally.

The announcement makes it clear that for now the company has simply expressed its interest in the deal and no agreement has yet to be reached between Paddy Power Betfair and FanDuel.

Paddy Power shares, which rose sharply after the U.S. Supreme Court ruling, were up 5.4 percent at 0815 GMT. JPMorgan Chase lifted their price objective on shares of Paddy Power Betfair from GBX 8,420 ($117.43) to GBX 8,690 ($121.20) and gave the company a "neutral" rating in a research report on Friday, January 12th.

He added: "FanDuel rival Draft Kings has already said it will enter the sports betting market and there is some sense that local incumbents may be able to gain significant market share before UK/European operators get a chance to mobilise their forces". Sports gambling could begin in a matter of weeks in casinos and racetracks in New Jersey, which instigated the legal fight by repealing its gambling ban.


Paddy Power bought Fanduels rival Draft for $48m previous year and the FTSE 100 firm also has an online casino and horse betting exchange in New Jersey.

FanDuel was part of merger discussion a year ago with rival DraftKings but the plan was scrapped in July after a legal challenge by the US Federal Trade Commission.

FanDuel grew to become one of two Scots unicorns, with a $1 billion valuation, alongside Skyscanner. Deutsche Bank reissued a "buy" rating on shares of Paddy Power Betfair in a report on Friday, March 9th.

Paddy Power Betfair, European-based parent company of the US racing network and advance deposit wagering company TVG, is in negotiations to buy FanDuel, the fantasy sports site based in NY. If the FanDuel deal goes through, it would not be the company's first move into the USA market.



Other News

Trending Now

Standalone 'Star Wars' film about Lando Calrissian in the works
Right now, Donald Glover is absolutely on fire and he's being singled out as the best thing about Solo . Even Premiere and ComicBook both note the long-gestating chatter around an Obi-Wan film.

Neuer Makes A Surprise Return In Low's Provisional List
Whilst the coach still owns a house in Freiburg , the league's final fixtures had other games full of World Cup candidates. We will be open and honest after the training camp, and without match practice, you can't go into a tournament.

What do you Hear, Yanny or Laurel?
Did you think it was Yanny or Laurel?? "The video is recorded in real life with sound coming out of my speakers". He played it for his peers, who disagreed over whether the syllables formed "Yanny" or " Laurel ".

Flood watch in effect; here's how much rain we could get
After storms earlier in the week, heavy rain forecasted for the region on Wednesday afternoon poses a risk of isolated flooding. A Flash Flood Watch means that there is the potential for flash flooding which can be life-threatening.

Cyclone men's golf tied for lead after second day at Stockton Regional
Top-seeded Oklahoma shot five-under, giving themselves a five-stroke cushion over Auburn, Arkansas, and North Florida at even par. Farmingdale State will play with #2 Huntingdon, #9 Claremont-Mudd-Scripps and defending National Champion Whittenberg.

Senate Committee Releases 2500 Pages About 2016 Trump Tower Meeting
The Trump campaign has dismissed the meeting as part of a bait-and-switch Russian lobbying effort to amend the Magnitsky Act. The meeting, and the administration's initial response to reports of it, have been one focus of the probe.

Oil holds near multi-year highs on Iran supply concerns
Britain must team up with Germany and France to do "everything we can" to salvage the deal, Admiral West said. Boeing separately struck another 30-airplane deal with Iran's Aseman Airlines for $3 billion at list prices.