Paddy Power to buy New York-based fantasy sports site

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Many analysts believe London-listed firms are well placed to grab a slice of the U.S. market, where some estimates say almost $150bn (£111bn) in illegal wagers are placed every year. Sports gambling could begin in a matter of weeks in casinos and racetracks in New Jersey, which instigated the legal fight by repealing its gambling ban.

Paddy Power Betfair also explained that the negotiations are centred around combining its existing operations with the local DFS operator, which already has a good presence in the county, in order to create a joint venture that would target the possibilities in the United States sports betting market.

The BBC reported that New York City-based FanDuel incorporated was established in 2009 and that its around 400 employees provide aficionados with a myriad of Major League Baseball (MLB), National Football League (NFL), National Hockey League (NHL) and National Basketball Association (NBA) fantasy sport gaming markets.

FanDuel, a fantasy-sports betting site, was founded in 2009 in Texas, according to its website. Last year, the company bought a daily fantasy company, Draft.com, that has a far smaller footprint than either FanDuel or DraftKings, the two dominant players in the market.

Analysts have valued FanDeal at more than $1bn.

Nearly exactly a year ago, Paddy Power Betfair acquired daily fantasy sports platform Draft in a deal worth around US$50mln. The company operates through Online, Australia, Retail, and U.S. segments.

An online casino and a horse racing betting exchange are also offered by the operator in the state of New Jersey.

"Given the regulatory and taxation headwinds that European operators are facing in their home markets over the next few years, [the repeal of PASPA] is a very attractive long-term positive for the companies under our coverage and as such is supportive of their long-term growth prospects", they said. FanDuel said it intends to enter the sports betting business following the Supreme Court ruling.

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