Paddy Power Betfair eyes FanDuel acquisition
Paddy Power Betfair is reportedly closing in on a deal to acquire daily fantasy sports (DFS) operator FanDuel.
Citing multiple sources close to the talks, Legal Sports Report said that although details of the mooted agreement are unknown, it is understood the value of the deal is some way below the $1bn (€844.6m) at which FanDuel was once valued.
The report comes after the US Supreme Court this week voted to overturn the federal ban on sports betting across the country – a ruling that was met with praise by FanDuel and rival operator DraftKings.
FanDuel previously stated its intention to launch a sports betting service should the Supreme Court overturn the federal 1992 Professional and Amateur Sports Protection Act (PASPA), which has blocked more states from offering regulated sports betting.
Legal Sports Report said the ruling may have triggered an escalation in talks between Paddy Power Betfair and FanDuel, given the opportunities this now presents to the DFS brand.
Should the acquisition take place, Paddy Power Betfair would gain access to a database of millions of DFS players, thus expanding its network of customers from both the TVG and Draft DFS platforms.