U.S. fantasy sports has yet to open up properly

U.S. fantasy sports has yet to open up properly

May 19, 2017 1:10 PM
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The U.S. fantasy sports market, worth an estimated hundreds of million of dollars according to Paddy Power Betfair (PPB), may prompt the company to expand its reach in this country.

“I think that market has yet to open up properly. I would hope we could do more there, it’s a question of legislation and opportunity. There is a lot of appetite to do more if the right thing comes up at the right price,” CEO Breon Corcoran told reporters this week.

Paddy Power Betfair has indicated recently it was cautious about revenue growth in its main European market after a “pretty extreme” level of competition made it tougher to gain new customers in the first quarter.

United Kingdom-based bookies have faced intense competition with companies hoping to offset increased taxes and stricter regulation with increased revenues. This has led to a series of mergers including last year’s 6 billion pound ($7.8 billion US) linking with the online betting exchange Betfair.

The merged company’s U.S. holding include TVG and TVG2, both horseracing networks that promote its online wagering product, as well as the Betfair online casino gambling operation in New Jersey.