paddy-power-betfair-buys-fantasy-sports-site-fan-duel

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Paddy Power Betfair buys dream sports website Fan Duel
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23 May 2018
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Gambling firm Paddy Power Betfair has accepted combine with the US dream sports betting site Fan Duel.

It desires to target the US sports wagering market that is set to open after a court decision.

In May, the US Supreme Court reversed 1992 legislation that banned sports betting in most states.
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Fan Duel, which was established in Scotland, fans to bet on fantasy sports leagues and contests in American sports.

The bet9ja's welcome offer

Under the agreement, Paddy Power Betfair will include its existing US properties worth $612m in addition to $158m of money to take a 61% stake in the combined company.

Existing Fan Duel financiers will own 39%.

The Dublin-based company will manage business, which will end up being a subsidiary.
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Paddy Power Betfair manager Peter Jackson stated the mix would develop the "largest online business" in the US gaming market.

" [We will have] a large sports-focused customer base and an extensive across the country footprint," he said.
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The punters

Fan Duel lets its customers bank on dream sport games, based around NFL American Football, NBA basketball, MLB baseball and NHL ice hockey.

There are an approximated 30 million adult fantasy sports players in The United States and Canada.

Users choose dream sports groups using a fantasy budget, and play head-to-head or multi-player contests online.

Players pay an entry charge for each contest and complete for cash rewards.

The landscape
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Paddy Power Betfair went into the US fantasy sports market in 2015 with the acquisition of Draft, an US fantasy sports site, for $48m (₤ 35m).
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The Dublin-based company currently has an US division, which includes the TVG Network, a horseracing TV channel and an online betting network which is active in 35 states.

Paddy Power likewise has an online gambling establishment and a horseracing betting exchange in the state of New Jersey.

Under the terms of its most current bet9ja's welcome offer, Paddy Power can increase its stake in Fan Duel to 80% after three years and 100% after 5 years.

The bet9ja's welcome offer is expected to close in the third quarter this promotion code year.
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US ruling opens way for sports betting

14 May 2018
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