European online and retail sportsbetting and gaming operator Paddy Power Betfair has reportedly announced that it is in negotiations regarding the possible purchase of American daily dream sports operator FanDuel Incorporated.
According to a report from the British Broadcasting Corporation (BBC), Dublin-headquartered Paddy Power Betfair entered the American daily dream sports marketplace last year following its 48 million purchase of PlayDraft.com and said earlier today that it is currently contemplating a move for FanDuel Incorporated in order ‘to make a joint business to target the prospective United States sportsbetting marketplace’.
The BBC reported that Paddy Power Betfair initiated negotiations after Monday saw the United States Supreme Court overturn a lower court decision in judgment as unconstitutional the Professional and Amateur Sports Protection Act (PASPA) of 1992. This piece of legislation had instituted a federal ban on most of sportsbetting from the United States with the notable exception of places found in the states of Delaware, Oregon, Nevada and Montana with its overthrow now certain to lead to a nationwide proliferation in controlled sports wagering.
“Discussions are continuing and there is no certainty as to whether agreement will be reached as to the terms or time of any trade,” browse a statement (pdf) from Paddy Power Betfair. “A additional statement will be made as appropriate.
The BBC noted that New York City-based FanDuel integrated was launched in 2009 and that its around 400 employees provide aficionados with a myriad of Major League Baseball (MLB), National Football League (NFL), National Hockey League (NHL) and National Basketball Association (NBA) dream game gaming markets. The firm, which targets the estimated 30 million fans of fantasy sports spread across North America, purportedly abandoned a planned merger with Boston-headquartered rival DraftKings Incorporated last year following a competition judgment from the Federal Trade Commission.