paddy-power-in-speak-with-merge-with-fan-duel

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Paddy Power in speak to combine with Fan Duel
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16 May 2018
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Gambling firm Paddy Power Betfair has said it is in talks over a merger in the US with dream sports website Fan Duel.

Talks centre around integrating its US operation with Fan Duel to create a service to "to target the yohaig code potential US sports wagering market".
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It comes as the American Supreme Court reversed 1992 legislation that prohibited sports betting in most US states.

Fan Duel permits sports fans to gamble on dream sports leagues and contests.
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Merger abandoned

It provides dream sport gaming around NFL Football, MLB baseball, NBA basketball and NHL ice hockey. There are approximated to be around 30 million adult dream sports players in North America.

Players pick which contest they wish to enter, develop fantasy sports teams that do not breach a fantasy wage cap, and engage in head-to-head or multi-player contests.

The company, which was founded in 2009, is based in New york city and has about 400 workers.
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A proposition to merge with rivals Draft Kings was deserted in 2015, after being blocked by the Federal Trade Commission on the premises that the combined firm would control a 90% market share.

Since the Supreme Court ruling on 14 May Draft Kings has signified its intent to go into the sports betting market.
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Horseracing channel

The Dublin-based gambling firm currently has an US division, which consists of the TVG Network, a horseracing TV channel and online wagering network which is active in 35 states.
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And in the state of New Jersey, the business has an online casino and a horse racing wagering exchange.
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A merger with Fan Duel would it access to countless prospective sports wagering fans.
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Neil Wilson, primary analyst at markets.com, said wagering companies were currently jockeying for position after the Supreme Court ruling.

"Fan Duel competing Draft Kings has currently stated it will go into the sports betting market and there is some sense that local incumbents may have the ability to gain significant market share before UK and European operators get a possibility to mobilise their forces," he stated.