The Irish group will also have an option to take its ownership of the business to 80% after three years and to 100% after five years. Paddy Power Betfair will have 61% ownership of the combined business and FanDuel investors will own 39%. READ: Power Betfair up as it confirms talks to buy FanDuel

The FTSE 100-listed bookmaker said it will contribute its existing US assets as well as US$158mln of cash, which will be used to pay down existing FanDuel net debt which stood at US$76mln at the end of March. Paddy Power Betfair PLC ( LON:PPB) announced late on Wednesday that it has agreed a deal to merge its US operations with US fantasy sports firm FanDuel Inc. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation. Proactive will on occasion use automation and software tools, including generative AI. The team also has access to and use technologies to assist and enhance workflows. Our human content creators are equipped with many decades of valuable expertise and experience. Proactive has always been a forward looking and enthusiastic technology adopter.

The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies. This is content that excites and engages motivated private investors. We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth. All our content is produced independently by our experienced and qualified teams of news journalists. Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. Prior to joining Proactive in 2016, he was News Editor for .uk. After over 10 years, which saw him rise to be Markets Editor at AFX, the firm’s acquisition by Thomson Corp and subsequent takeover of Reuters, he moved on in 2012. He helped set up MarketEye News for ICV/Topic in the 1990’s before moving on to become a Markets reporter at S&P MarketScope and then AFX News. Jon has been reporting on stock markets for almost thirty years for newspapers, newswires, and websites.

Paddy power fanduel