Paddy Power Betfair Buys Fantasy Sports site Fan Duel
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Paddy Power Betfair purchases fantasy sports website Fan Duel
23 May 2018
Gambling firm Paddy Power Betfair has actually accepted combine with the US dream sports betting site Fan Duel.
It wishes to target the US sports wagering market that is set to open up after a court decision.
In May, the US Supreme Court overturned 1992 legislation that prohibited sports wagering in many states.
Fan Duel, which was founded in Scotland, allows sports fans to gamble on leagues and contests in American sports.
Under the contract, Paddy Power Betfair will throw in its existing US properties worth $612m together with $158m of cash to take a 61% stake in the combined business.
Existing Fan Duel financiers will own 39%.
The Dublin-based business will control business, which will become a subsidiary.
Paddy Power Betfair manager Peter Jackson stated the mix would produce the "largest online service" in the US gambling industry.
" [We will have] a big sports-focused client base and a comprehensive across the country footprint," he said.
The punters
Fan Duel lets its customers bank on dream sport games, based around NFL Football, NBA basketball, MLB baseball and NHL ice hockey.
There are a projected 30 million adult fantasy sports players in North America.
Users choose dream sports teams using a fantasy spending plan, and play head-to-head or multi-player contests online.
Players pay an entry fee for each contest and complete for prize money.
The landscape
Paddy Power Betfair went into the US dream sports market last year with the acquisition of Draft, a United States dream sports website, for $48m (₤ 35m).
The Dublin-based company currently has an US division, which consists of the TVG Network, a horseracing TV channel and an online betting network which is active in 35 states.
Paddy Power also has an online casino and a horseracing betting 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 3 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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