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

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Paddy Power in talks to merge with Fan Duel

16 May 2018
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Gambling company Paddy Power Betfair has stated it is in talks over a merger in the US with fantasy sports site Fan Duel.

Talks centre around combining its US operation with to develop an organization to "to target the potential US sports wagering market".
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It comes as the American Supreme Court reversed 1992 legislation that prohibited sports betting in most US states.

Fan Duel enables sports fans to gamble on dream sports leagues and contests.
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Merger deserted

It uses dream sport gaming around NFL Football, MLB baseball, NBA basketball and NHL ice hockey. There are approximated to be around 30 million adult fantasy sports players in North America.
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Players choose which contest they wish to go into, build dream sports teams that do not breach a dream income cap, and take part in head-to-head or multi-player contests.
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The business, which was established in 2009, is based in New york city and has about 400 employees.
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A proposal to merge with rivals Draft Kings was deserted in 2015, after being obstructed by the Federal Trade Commission on the premises that the combined company would manage a 90% market share.
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Since the Supreme Court ruling on 14 May Draft Kings has actually signalled its objective to go into the sports betting market.

Horseracing channel

The Dublin-based gambling company already has a United States department, that includes the TVG Network, a horseracing TV channel and online wagering network which is active in 35 states.
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And in the state of New Jersey, the company has an online gambling establishment and a horse racing betting exchange.

A merger with Fan Duel would provide it access to countless prospective sports wagering fans.

Neil Wilson, chief expert at markets.com, stated betting companies were currently jockeying for position after the Supreme Court ruling.

"Fan Duel rival Draft Kings has currently stated it will go into the sports wagering market and there is some sense that regional incumbents might be able to gain substantial market share before UK and European operators get a chance to mobilise their forces," he said.
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