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Paddy Power Betfair purchases fantasy sports site Fan Duel
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23 May 2018
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Gambling company Paddy Power Betfair has consented to merge with the yohaig code US dream sports wagering website Fan Duel.

It desires to target the yohaig code US sports betting 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 betting in most states.

Fan Duel, which was founded in Scotland, permits sports fans to bet on dream sports leagues and contests in American sports.

The offer
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Under the arrangement, Paddy Power Betfair will include its existing US properties worth $612m together 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 manage the business, which will become a subsidiary.

Paddy Power Betfair boss Peter Jackson stated the combination would produce the "biggest online service" in the US betting market.

" [We will have] a large sports-focused consumer base and a substantial across the country footprint," he said.

The punters

Fan Duel lets its customers bank on video games, based around NFL American Football, NBA basketball, MLB baseball and NHL ice hockey.

There are a projected 30 million adult dream sports gamers in North America.

Users choose fantasy 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 cost for each contest and compete for prize money.

The landscape

Paddy Power Betfair entered the US dream sports market in 2015 with the acquisition of Draft, a United States fantasy sports website, for $48m (₤ 35m).

The Dublin-based company already has a United States 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 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 five years.

The deal is expected to close in the yohaig code 3rd quarter this year.
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US ruling opens way for sports betting

14 May 2018
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