Paddy Power Betfair has confirmed it is in acquisition talks with daily fantasy sports site FanDuel, as the firm looks to take an early step forward in the US following on from the PASPA repeal.

Paddy Power Betfair

The company said this morning it “confirms it is in discussions, regarding a potential combination of the Group's US business and FanDuel to create a combined business to target the prospective US sports betting market.“

Reports emerged in the media yesterday that a deal was close, though the bookmaker stated in response that “discussions are ongoing and there is no certainty as to whether agreement will be reached, or as to the terms or timing of any transaction.”

Paddy Power Betfair currently operates an online casino in New Jersey and the FanDuel swoop follows on from last year’s US$48m acquisition of daily fantasy sports site Draft.

Earlier this month, the company announced the return of £500m in cash to shareholders after first-quarter results showed a dip in revenues.