A U.S. ban on sports gambling has recently been struck down, and the acquisition would give the British gambling giant a doorway into the American market.
Paddy Power bought Fanduels rival Draft for $48m a year ago and the FTSE 100 firm also has an online casino and horse betting exchange in New Jersey.
Paddy Power Betfair also explained that the negotiations are centred around combining its existing operations with the local DFS operator, which already has a good presence in the county, in order to create a joint venture that would target the possibilities in the U.S. sports betting market. Business Insider also spoke to a source with knowledge of the deal.
Paddy Power Betfair plc said a further announcement will be made as appropriate.
FanDuel grew to become one of two Scots unicorns, with a $1 billion valuation, alongside Skyscanner.
The US supreme court on Monday struck down a 1992 federal law that barred gambling on individual sporting events in most places.
In 2017, FanDuel had planned to merge with rival DraftKings, but it was called off after the US Federal Trade Commission (FTC) said it would oppose the merger.
Players choose which contest they want to enter, build fantasy sports teams that do not breach a fantasy salary cap, and engage in head-to-head or multi-player contests.
Paddy Power Betfair (LON:PPB)'s stock had its "reduce" rating restated by analysts at Peel Hunt in a report released on Monday, April 23rd.
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