May 16, 2018 - Business

Online gaming company in talks to buy FanDuel

Photo illustration by Scott Olson/Getty Images

European online gaming company Paddy Power Betfair confirmed that it is in talks to acquire FanDuel, one day after the U.S. Supreme Court struck down a federal ban on sports gambling.

Why it matters: At the same time that gaming regulations seem to be easing in the U.S., they've been increasing in overseas markets like Britain.

Instant replay: FanDuel previously had been working to go public via a reverse merger with Platinum Eagle Acquisition Corp., a special purpose acquisition company formed earlier this year by veteran media executive Jeff Sagansky.

  • The New York-based company had raised $435 million in VC funding from firms like KKR, NBC Sports, Shamrock Capital Group, Comcast Ventures and the NBA.
  • It had been valued at $1.2 billion, per terms of a planned 2017 merger with DraftKings that was scuttled by U.S. antitrust regulators.

This would be the second U.S. daily fantasy sports purchase for Paddy Power Betfair, which last year paid $48 million to acquire Draft. No word yet on how much Paddy Power might pay, but a source puts the discussed price tag at between $600 million and $700 million.

A FanDuel spokeswoman yesterday declined comment.

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