PaddyPower Betfair (LON:PPB) may once again be on the M&A trail after Monday’s US Supreme Court decision. The company this morning confirmed that it was in discussions with US fantasy sports operator FanDuel to create a combined business targeting the US sports betting market. No details of proposed terms or timing have been released.
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Shares in the sector have shot up rapidly this week, but analysts have suggested that the response may be excessively exuberant and that local firms may be able to gain a foothold on the ground faster than international rivals.
However, PaddyPower may have an advantage in this respect, as it currently operates TVG, the largest US horse betting business with activities in 35 states and an online casino. Shares in the company had climbed 5.86% to 8,215p at 15:55 BST.