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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.