May 16, 2018 / 12:13 AM / 6 months ago

UK's Paddy Power Betfair close to buying FanDuel - report

May 15 (Reuters) - British bookmaker Paddy Power Betfair Plc is close to buying U.S. daily fantasy sports company FanDuel, according to a report on Tuesday by the Legal Sports Report (LSR), citing unnamed sources.

The report did not provide details on any bids or timing. The Legal Sports Report website focuses on fantasy sports and betting. bit.ly/2IFhwbl

FanDuel and Paddy Power Betfair were not available to comment outside regular business hours.

The report came when investors’ interest is high in business opportunities for the industry after the U.S. Supreme Court on Monday paved the way for states to legalize sports gambling, striking down a 1992 federal law that barred it in most places.

FanDuel was part of merger discussion last year with rival DraftKings but the plan was scrapped in July after a legal challenge by the U.S. Federal Trade Commission. (Reporting by Ismail Shakil in Bengaluru)

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