European online and retail sportsbetting and gaming operator Paddy Power Betfair has announced the signing of a definitive agreement that is to see it purchase a controlling stake in American daily fantasy sports firm FanDuel Incorporated.
Dublin-headquartered Paddy Power Betfair revealed the deal via a Wednesday press release (pdf) and stated that its completion will leave the firm better placed to target the prospective United States sportsbetting market in the wake of the recent quashing of the federal Professional and Amateur Sports Protection Act (PASPA) of 1992.
Paddy Power Betfair entered the American daily fantasy sports market last year following its $48 million purchase of PlayDraft.com and explained that this latest agreement is expected to be finalized during the…