Paddy Power Betfair purchases fantasy sports website Fan Duel

23 May 2018

Gambling company Paddy Power Betfair has agreed to merge with the US fantasy sports wagering site 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 reversed 1992 legislation that banned sports wagering in a lot of states.

Fan Duel, which was founded in Scotland, enables sports fans to bet on dream sports leagues and contests in .
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The offer
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Under the agreement, Paddy Power Betfair will include its existing US properties worth $612m together with $158m of cash to take a 61% stake in the combined organization.

Existing Fan Duel investors will own 39%.

The Dublin-based business will manage business, which will end up being a subsidiary.

Paddy Power Betfair boss Peter Jackson stated the mix would produce the "largest online company" in the US betting market.

" [We will have] a big sports-focused consumer base and a substantial across the yohaig code country footprint," he stated.

The punters
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Fan Duel lets its consumers bank on dream sport games, based around NFL Football, NBA basketball, MLB baseball and NHL ice hockey.

There are an estimated 30 million adult dream sports players in The United States and Canada.
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Users pick fantasy sports groups using a dream budget, and play head-to-head or multi-player contests online.

Players pay an entry fee for each contest and contend for prize money.
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The landscape

Paddy Power Betfair went into the US fantasy sports market in 2015 with the acquisition of Draft, an US fantasy sports site, for $48m (₤ 35m).
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The Dublin-based firm currently has an US division, which consists of the TVG Network, a horseracing TV channel and an online wagering network which is active in 35 states.
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Paddy Power likewise has an online gambling establishment and a horseracing betting exchange in the state of New Jersey.

Under the regards to its most current bet9ja's welcome offer, Paddy Power can increase its stake in Fan Duel to 80% after three years and 100% after five years.
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The deal is expected to close in the third quarter this promotion code year.

US ruling opens way for sports wagering

14 May 2018