Paddy Power in talks on U.S. merger

Centrica's customers have been switching supplier

The terms of the potential deal are not yet clear.

Paddy Power Betfair has confirmed it is in talks to buy or merge with U.S. fantasy sports website Fanduel as United Kingdom betting firms prepare to cash in on the end of a nationwide ban on gambling across the pond.

The company which operates from about ten years now offers a great variety of DFS to US customers and has already confirmed its willingness to enter the sport betting market of the country following the US Supreme Court ruling a couple of days ago. Business Insider also spoke to a source with knowledge of the deal.

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Paddy Power Betfair (LON:PPB)'s stock had its "reduce" rating reiterated by equities research analysts at Peel Hunt in a research report issued to clients and investors on Monday, April 23rd. The announcement follows the decision of the US Supreme Court which overturned the Professional and Amateur Sports Protection Act of 1992 and lifted the federal ban imposed on sports betting operations by the afore-mentioned piece of legislation.

FanDuel grew to become one of two Scots unicorns, with a $1 billion valuation, alongside Skyscanner.

In 2017, FanDuel had planned to merge with rival DraftKings, but it was called off after the US Federal Trade Commission (FTC) said it would oppose the merger. Finally, Numis Securities restated a "hold" rating and set a GBX 8,320 ($112.86) price objective on shares of Paddy Power Betfair in a research report on Wednesday, March 14th.

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