Paddy Power Betfair buys fantasy sports website Fan Duel

23 May 2018

Gambling firm Paddy Power Betfair has consented to merge with the US fantasy sports wagering site Fan Duel.
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It wishes to target the US market that is set to open up after a court choice.
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In May, the US Supreme Court overturned 1992 legislation that prohibited sports wagering in most states.
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Fan Duel, which was established in Scotland, enables sports fans to gamble on fantasy sports leagues and contests in American sports.

The deal
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Under the agreement, Paddy Power Betfair will include its existing US possessions worth $612m along 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 manage the company, which will become a subsidiary.

Paddy Power Betfair boss Peter Jackson stated the mix would develop the "largest online business" in the US gambling industry.
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" [We will have] a large sports-focused consumer base and an extensive nationwide footprint," he stated.

The punters
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Fan Duel lets its customers wager on dream 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 gamers in North America.
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Users pick dream sports teams using a fantasy spending plan, and play head-to-head or multi-player contests online.
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Players pay an entry charge for each contest and contend for cash rewards.

the yohaig code landscape

Paddy Power Betfair entered 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 already has an US division, which includes the TVG Network, a horseracing TV channel and an online wagering network which is active in 35 states.
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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 three years and 100% after five years.

The deal is anticipated to close in the yohaig code third quarter this promotion code year.

US judgment opens method for sports wagering

14 May 2018