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Paddy Power to buy New York-based fantasy sports site
17 May 2018, 03:04 | Kelvin Horton
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.
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