Paddy Power Betfair Buys Fantasy Sports Website Fan Duel
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Paddy Power Betfair purchases dream sports website Fan Duel
23 May 2018
Gambling firm Paddy Power Betfair has accepted combine with the US fantasy sports wagering site Fan Duel.
It desires to target the US sports betting market that is set to open up after a court decision.
In May, the US Supreme Court reversed 1992 legislation that banned sports wagering in many states.
Fan Duel, which was founded in Scotland, permits sports fans to gamble on dream sports leagues and contests in American sports.
the yohaig code deal
Under the agreement, Paddy Power Betfair will include its existing US possessions worth $612m together with $158m of cash to take a 61% stake in the yohaig code combined company.
Existing Fan Duel investors will own 39%.
The Dublin-based business will control business, which will end up being a subsidiary.
Paddy Power Betfair boss Peter Jackson said the combination would create the "largest online service" in the US gambling market.
" [We will have] a big sports-focused client base and an extensive across the country footprint," he stated.
The punters
Fan Duel lets its customers bank on dream sport video games, based around NFL American Football, NBA basketball, and NHL ice hockey.
There are an approximated 30 million adult fantasy sports gamers in North America.
Users select dream sports teams using a fantasy spending plan, and play head-to-head or multi-player contests online.
Players pay an entry charge for each contest and contend for prize money.
The landscape
Paddy Power Betfair went into the US fantasy sports market in 2015 with the acquisition of Draft, a United States dream sports website, for $48m (₤ 35m).
The Dublin-based firm currently has an US department, which includes the TVG Network, a horseracing TV channel and an online betting network which is active in 35 states.
Paddy Power also has an online gambling establishment and a horseracing wagering exchange in the state of New Jersey.
Under the regards to its latest deal, Paddy Power can increase its stake in Fan Duel to 80% after three years and 100% after five years.
The bet9ja's welcome offer is expected to close in the 3rd quarter this promotion code year.
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