Paddy Power Betfair eyes US expansion

The fantasy sports market, which has surged in popularity and is worth an estimated $300 million according to Paddy Power Betfair, offers gambling firms the chance to compete across the United States where sports betting is illegal in most states.

"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.

Paddy Power Betfair said this month it was cautious about revenue growth in its main European market after a "pretty extreme" level of competition made it tougher to win new business in the first quarter.

Competition has intensified as firms seek to offset higher taxes and tighter regulation with increased revenues, leading to a flurry of mergers including last year's 6 billion pound ($7.8 billion) tie-up between online betting exchange Betfair and Paddy Power, which operates shops as well as an online business.

Competition has intensified as firms seek to offset higher taxes and tighter regulation with increased revenues, leading to a flurry of mergers including last year's 6 billion pound ($7.8 billion) tie-up between online betting exchange Betfair and Paddy Power, which operates shops as well as an online business.