Economy

Paddy Power to buy New York-based fantasy sports site

Paddy Power to buy New York-based fantasy sports site”

Paddy Power shares rose 5.5% to 81.90 pounds at 9:45 a.m.

Shares in Paddy Power Betfair were down close to 1 percent while GVC shares were 2.5 percent lower at 1215 GMT on Tuesday.

In Britain, Paddy Power and other bookmakers are bracing for the impact of imminent state intervention in the sector. 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. They now have a GBX 7,500 ($101.74) target price on the stock. Peel Hunt's price objective points to a potential upside of 3.38% from the company's current price.

Should the acquisition take place, Paddy Power Betfair would gain access to a database of millions of DFS players, thus expanding its network of customers from both the TVG and Draft DFS platforms. Paddy Power Betfair now has an average rating of "Hold" and a consensus target price of GBX 7,627.50 ($103.47).

PPB opened at GBX 7,255 ($101.19) on Monday.

Revenue from the company's USA operations increased 23% year-on-year according to Paddy Power Betfair's latest Q1 report.

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.

Rumour has it that the two parties have already been close to completing a deal, but a person close to the United Kingdom and Ireland-based sports betting operator explained that the purchase talks with FanDuel are still ongoing.



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