Paddy Power Betfair Confirms Merger Negotiations with FanDuel

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

Legal Sports Report, meanwhile, reported that the two companies are "close" to a deal, but that it's not clear when it might be finalized. Earlier today, the company itself confirmed the rumoured deal, saying that it is now in merger talks with FanDuel.

The company said this morning it "confirms it is in discussions, regarding a potential combination of the Group's USA business and FanDuel to create a combined business to target the prospective U.S. sports betting market".

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The move is created to capitalise on the US Supreme Court's decision on Monday to strike down a 1994 ban that prevented most states from permitting sports betting.

Fantasy sports websites have been able to operate because they are considered to be games of skill rather than chance. The now existing USA division of the gambling operator includes The TVG Network, a web-based betting network that is available in 35 U.S. states as well as a horseracing TV channel. (Paddy Power Betfair already has a horseracing TV network called TVG in the United States, and some smaller operations.) As of 2016, FanDuel was said to be worth over $1 billion.

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.

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