Paddy Power Betfair To Acquire Fanduel
Paddy Power Betfair have confirmed they are close to acquiring daily Fantasy sports company Fanduel. The deal to acquire Fanduel follows Paddy Power Betfairs purchase of Fanduels competitor Draft last year for $48 million.
It was only on Monday that the US Supreme Court overturned the the Professional and Amateur Sports Protection Act (PASPA) as unconstitutional. Which would allow states to legalise sports betting.
Given that the potential for the US sports betting market is worth some $150 billion a year in turnover a lot of mergers and acquisitions were expected over the coming years, however the news of the fanduel Paddy Power Betfair deal is certainly the quickest of them all.