May 16, 2018 / 6:35 AM / 3 months ago

Paddy Power Betfair says in discussions to buy Fanduel

DUBLIN, May 16 (Reuters) - Paddy Power Betfair is in discussions regarding a potential combination of its U.S. business and fantasy sports company Fanduel to target the prospective U.S. sports betting market, the bookmaker said on Wednesday.

The news follows a U.S. Supreme Court ruling on Monday that paved the way for states to legalise sports gambling and Paddy Power Betfair’s entry into the U.S. fantasy sports market last year with the acquisition of DRAFT for up to $48 million.

The Dublin-based group, which also runs the leading horse racing television and betting network in the United States and has an online casino business in New Jersey, said talks are ongoing and there was no certainty as to whether agreement will be reached. (Reporting by Padraic Halpin, editing by Louise Heavens)

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