FanDuel and DraftKings, the market leaders in the USA fantasy sports industry, ended merger talks a year ago over concerns that the Federal Trade Commission would not look favorably on the deal.
A court ruling banning sports betting in many USA states was overturned earlier this month.
Many analysts believe London-listed firms are well placed to grab a slice of the USA market, where some estimates say almost $150bn (£111bn) in illegal wagers are placed every year.
Dixon Police Officer Hailed As Hero, Student Charged In School Shooting Incident
Classes are canceled Thursday at Dixon High School, although Seniors will gather again to practice for their graduation ceremony. Thank god they didn't kill him, that's a blessing. "Thank God he don't kill anyone", said Julie Milby, the shooter's mother.
The UK operator said discussions with Fanduel, which hands cash prizes to players who pick successful fantasy sports teams, were ongoing and that there was no certainty any deal would go ahead.
Shares of US casino companies and bookmakers such as William Hill Plc rallied on the court decision.
Paddy Power Betfair has already invested $48m in there USA operations including the acquisition of another fantasy sports site, Draft. This piece of legislation had instituted a federal ban on all sportsbetting in the United States with the notable exception of venues located in the states of Delaware, Oregon, Nevada and Montana with its overthrow now certain to result in a nationwide proliferation in regulated sports wagering. Paddy Power shares rose 5.5% to 81.90 pounds at 9:45 a.m.
California To Appeal Ruling On Life-Ending Drugs
A judge in Riverside County on Tuesday overturned the law because of concerns about how it was passed by the Legislature. Opponents of the law filed a lawsuit claiming it was unconstitutional.
The ruling sent shares in Paddy Power, GVC and William Hill up as much as 12pc on Monday. Morgan Stanley reissued an underweight rating and issued a GBX 7,200 ($97.67) target price on shares of Paddy Power Betfair in a report on Tuesday, April 24th. This is a positive change from Paddy Power Betfair's previous dividend of $65.00. Among the firms that have invested in FanDuel since its founding are KKR & Co., Alphabet Inc.'s Capital G fund, Time Warner Investments and NBC Sports Ventures.
FanDuel grew to become one of two Scots unicorns, with a $1 billion valuation, alongside Skyscanner.
Decision on KM Joseph deferred
It had also chose to consider the names of other High Court judges for elevation as judges of the Supreme Court. The collegium meeting was scheduled to discuss in detail the High Court probables for the Supreme Court.