While the race has been on for awhile to regulate sports betting at the state level, the pack broke into a sprint on May 14 when the US Supreme Court declared the federal law banning the practice unconstitutional when they ruled on Murphy v. NCAA. With the demise of the Professional and Amateur Sports Protection Act of 1992, sometimes referred to as PASPA or the Bradley Act, after one of the bill’s authors, there’s a flurry of market activity and headway being made in some states.
Paddy Power Betfair snapped up FanDuel, one of the top fantasy sports operators this week for an undisclosed price that includes equity from their US operations and a $158 million cash payment to fund the new operation and pay down about $76 million of FanDuel’s debt.
Stocks took …