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Update: Ireland's Paddy Power in talks to acquire US fantasy sports site

Paddy Power Betfair PLC on May 16 confirmed that its U.S. business is in talks to purchase online fantasy sports site FanDuel "to target the prospective U.S. sports betting market."

The Ireland-based gaming company said negotiations are ongoing but there is no certainty an agreement would be reached.

The Financial Times first reported the development the same day, citing Legal Sports Report's May 15 story that suggested the two companies were in the final stages of completing the deal. However, a source close to Paddy Power's leadership reportedly told the FT that the company is still in negotiations with the fantasy sports site.

According to the FT report, Paddy Power is looking to capitalize on the lifting of a sports betting ban by the U.S. Supreme Court on May 14. People close to Paddy Power reportedly said the company has been in talks with U.S. gambling groups for weeks over potential deals and partnerships, in anticipation of the court decision.