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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.

Go deeper

Ben Geman, author of Generate
22 mins ago - Economy & Business

GM's shrinking deal with Nikola

Illustration: Rebecca Zisser/Axios

General Motors will no longer take an equity stake in Nikola Corp. or build its pickup truck, under a revised deal that still envisions GM as a key tech supplier for Nikola's planned line of electric and fuel cell heavy trucks.

Driving the news: The revised agreement Monday is smaller in scope than a draft partnership rolled out in September that had included a $2 billion stake in the startup and an agreement to build its Badger pickup.

1 hour ago - Technology

Exclusive: Facebook's blackout didn't dent political ad reach

Photo: Valera Golovniov/SOPA Images/LightRocket via Getty Images

Americans saw more political ads on Facebook in the week before the 2020 election than they did the prior week despite the company's blackout on new political ads during that period, according to Global Witness, a human rights group that espouses tech regulation.

Why it matters: The presidential election was a key stress test for Facebook and other leading online platforms looking to prove that they can curb misinformation. Critics contend measures like the ad blackout barely made a dent.

Wall Street wonders how bad it has to get

Illustration: Aïda Amer/Axios

Wall Street is working out how bad the economy will have to get for Congress to feel motivated to move on economic support.

Why it matters: A pre-Thanksgiving data dump showed more evidence of a floundering economic recovery. But the slow drip of crumbling economic data may not be enough to push Washington past a gridlock to halt the economic backslide.