Paddy Power Betfair Buys Fantasy Sports Website Fan Duel
Paddy Power Betfair buys dream sports website Fan Duel
23 May 2018
Gambling firm Paddy has actually consented to merge with the US dream sports betting website Fan Duel.
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It wishes to target the US sports betting market that is set to open after a court choice.
In May, the US Supreme Court overturned 1992 legislation that banned sports wagering in many states.
Fan Duel, which was established in Scotland, permits sports fans to gamble on fantasy sports leagues and contests in American sports.
The offer
Under the agreement, Paddy Power Betfair will include its existing US assets worth $612m together with $158m of cash to take a 61% stake in the combined company.
Existing Fan Duel investors 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 combination would develop the "biggest online service" in the US gambling market.
" [We will have] a large sports-focused client base and an extensive across the country footprint," he said.
The punters
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Fan Duel lets its clients bet on fantasy sport video games, based around NFL Football, NBA basketball, MLB baseball and NHL ice hockey.
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There are an approximated 30 million adult fantasy sports players in North America.
Users select fantasy sports teams utilizing a dream budget, and play head-to-head or multi-player contests online.
Players pay an entry fee for each contest and compete for prize money.
The landscape
Paddy Power Betfair went into the yohaig code US fantasy sports market in 2015 with the yohaig code acquisition of Draft, an US fantasy sports website, for $48m (₤ 35m).
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The Dublin-based company already has an US department, which consists of 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 wagering exchange in the yohaig code state of New Jersey.
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Under the regards to its latest deal, Paddy Power can increase its stake in Fan Duel to 80% after three years and 100% after 5 years.
The offer is anticipated to close in the 3rd quarter this promotion code year.
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US ruling opens way for sports betting
14 May 2018
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