Paddy Power Betfair close to buying FanDuel – report

Paddy Power Betfair close to buying FanDuel – report

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(Reuters) – British bookmaker Paddy Power Betfair Plc (PPB.I) is close to buying U.S. daily fantasy sports company FanDuel, according to a report on Tuesday by the Legal Sports Report (LSR), citing unnamed sources.

FILE PHOTO: Paddy Power logo is seen behind a keyboard and gambling dice in this illustration taken in Sarajevo, September 10, 2015. REUTERS/Dado Ruvic

The report did not provide details on any bids or timing. The Legal Sports Report website focuses on fantasy sports and betting. bit.ly/2IFhwbl

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FanDuel and Paddy Power Betfair were not available to comment outside regular business hours.

The report came when investors’ interest is high in business opportunities for the industry after the U.S. Supreme Court on Monday paved the way for states to legalize sports gambling, striking down a 1992 federal law that barred it in most places.

FanDuel was part of merger discussion last year with rival DraftKings but the plan was scrapped in July after a legal challenge by the U.S. Federal Trade Commission.

Reporting by Ismail Shakil in Bengaluru



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