Paddy Power Betfair in talks to buy Fanduel

Bookies raced ahead after the US eased gambling regulations

Bookies raced ahead after the US eased gambling regulations

Legal Sports Report said the ruling may have triggered an escalation in talks between Paddy Power Betfair and FanDuel, given the opportunities this now presents to the DFS brand. They now have a GBX 7,500 ($101.74) target price on the stock.

In early morning trading, Paddy Power shares gained 0.8% at 7,825p. Eight research analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the stock. 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. Paddy Power Betfair has a 12-month low of GBX 6,572.50 ($91.67) and a 12-month high of GBX 8,967 ($125.06).

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Paddy Power Betfair plc (LON:PPB) noted today the media speculation, and confirmed that it is in discussions, regarding a potential combination of the Group's U.S. business and FanDuel to create a combined business to target the prospective USA sports betting market. The company operates through Online, Australia, Retail, and USA segments.

He added: "FanDuel rival Draft Kings has already said it will enter the sports betting market and there is some sense that local incumbents may be able to gain significant market share before UK/European operators get a chance to mobilise their forces".

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