Paddy Power Betfair Supports interest in acquiring daily Dream sports operator

Paddy Power Betfair confessed Wednesday in a stock market advisory it’s in talks with US daily dream sports operator FanDuel regarding a possible acquisition.

The advisory follows speculation earlier this week that a deal is imminent.

“Paddy Power Betfair plc notes that the media speculation, also confirms it’s in talks, regarding a possible combination of the Group’s US business and FanDuel to make a joint business to target the potential US sports gambling market,” the statement reads.

“Discussions are continuing and there is no certainty as to whether agreement will be reached, or as to the conditions or time of any transaction.

“A further statement will be made as appropriate. ”

Press reports earlier in the week noted the Paddy Power already has interests in the USA via TVG and DFS company DRAFT, acquired for $48 million last May (see preceding InfoPowa report).

Neil Wilson, the chief market analyst at Markets.com, told the publication Business Insider:

“Something like 20 US countries are prepared or have laws in the pipeline to legalise the industry. This represents a significant opportunity to grab market share for several of the major UK sports bookmakers and it’s no surprise that we’re seeing this type of move.

“A FanDuel tie-up would provide PPB the ability to rollout ops more quickly and scale up. It would also remove some possible community competitors. ”