Tuesday, May 15, 2018

The $8.8 billion UK gambling giant that owns Paddy Power and Betfair is considering buying FanDuel

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The $8.8 billion UK gambling giant that owns Paddy Power and Betfair is considering buying FanDuel

american football celebrationKevin C. Cox/Getty Images

UK-based gambling conglomerate Paddy Power Betfair is considering buying FanDuel, according to multiple reports. A US ban on sports gambling has recently been struck down, and the acquisition would give the British gambling giant a doorway into the American market. The terms of the potential deal are not yet clear.


The United States Supreme Court struck down a federal law prohibiting sports betting, and the British gambling giant behind Paddy Power and Betfair wants a piece of the action.

Paddy Power Betfair — valued on the public markets at £6.5 billion ($8.8 billion) —  is close to buying FanDuel, a New York-based fantasy sports company, according to multiple media reports. Business Insider also spoke to a source with knowledge of the deal.

See the rest of the story at Business Insider

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