Paddy Power Betfair Buys Fantasy Sports Website Fan Duel
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Paddy Power Betfair purchases dream sports site Fan Duel
23 May 2018
Gambling company Paddy Power Betfair has concurred to merge with the US dream sports wagering site Fan Duel.
It wishes to target the US sports betting market that is set to open after a court choice.
In May, the US Supreme Court reversed 1992 legislation that prohibited sports wagering in the majority of states.
Fan Duel, which was established in Scotland, allows sports fans to gamble on fantasy sports leagues and contests in American sports.
Under the agreement, Paddy Power Betfair will throw in its existing US assets worth $612m along with $158m of money to take a 61% stake in the combined business.
Existing Fan Duel investors will own 39%.
The Dublin-based business will control the yohaig code business, which will end up being a subsidiary.
Paddy Power Betfair manager Peter Jackson said the combination would create the "biggest online business" in the US gaming market.
" [We will have] a large sports-focused customer base and a substantial across the country footprint," he said.
the yohaig code punters
Fan Duel lets its consumers bank on fantasy sport video games, based around NFL American Football, NBA basketball, MLB baseball and NHL ice hockey.
There are a projected 30 million adult fantasy sports gamers in North America.
Users choose dream sports groups using a fantasy spending plan, and play head-to-head or multi-player contests online.
an entry charge for each contest and complete for cash rewards.
The landscape
Paddy Power Betfair entered the US fantasy sports market last year with the acquisition of Draft, a United States dream sports website, for $48m (₤ 35m).
The Dublin-based firm already 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 also has an online casino and a horseracing wagering exchange in the state of New Jersey.
Under the regards to its latest bet9ja's welcome offer, Paddy Power can increase its stake in Fan Duel to 80% after 3 years and 100% after 5 years.
The deal is expected to close in the third quarter this promotion code year.
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