Paddy Power Betfair purchases fantasy sports site Fan Duel

23 May 2018

Gambling company Paddy Power Betfair has accepted merge with the US dream sports betting site Fan Duel.
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It wishes to target the US sports betting market that is set to open after a court decision.

In May, the US Supreme Court overturned 1992 legislation that prohibited sports wagering in a lot of states.

Fan Duel, which was established in Scotland, permits sports fans to bet on fantasy sports leagues and contests in American sports.
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Under the agreement, Paddy Power Betfair will throw in its existing US properties worth $612m together with $158m of money to take a 61% stake in the combined company.
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Existing Fan Duel financiers will own 39%.

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

Paddy Power Betfair employer Peter Jackson stated the combination would create the "biggest online company" in the US gambling industry.

" [We will have] a big sports-focused customer base and an extensive across the country footprint," he said.

The punters

Fan Duel lets its consumers bank on fantasy sport video games, based around NFL American Football, NBA basketball, and NHL ice hockey.
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There are a projected 30 million adult fantasy sports players in North America.

Users pick fantasy sports groups utilizing a fantasy budget, and play head-to-head or multi-player contests online.

Players pay an entry cost for each contest and contend for cash prizes.

The landscape
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Paddy Power Betfair went into the US fantasy sports market in 2015 with the acquisition of Draft, a United States fantasy sports site, for $48m (₤ 35m).
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The Dublin-based company currently has an US division, that includes the TVG Network, a horseracing TV channel and an online wagering network which is active in 35 states.

Paddy Power likewise has an online gambling establishment and a horseracing wagering exchange in the state of New Jersey.
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Under the terms of 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 3rd quarter this promotion code year.

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