Paddy Power Betfair buys dream sports site Fan Duel

23 May 2018

Paddy Power Betfair has consented to merge with the US fantasy sports betting website Fan Duel.

It desires to target the yohaig code US sports wagering market that is set to open after a court decision.

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

Fan Duel, which was established in Scotland, permits sports fans to gamble on fantasy sports leagues and contests in American sports.

The deal

Under the contract, Paddy Power Betfair will include its existing US possessions worth $612m together with $158m of money to take a 61% stake in the combined organization.

Existing Fan Duel financiers will own 39%.

The Dublin-based company will control business, which will become a subsidiary.
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Paddy Power Betfair employer Peter Jackson stated the yohaig code mix would develop the "largest online service" in the US betting industry.

" [We will have] a large sports-focused client base and an extensive nationwide footprint," he said.
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The punters
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Fan Duel lets its customers wager on dream sport games, based around NFL Football, NBA basketball, MLB baseball and NHL ice hockey.
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There are a projected 30 million adult dream sports players in The United States and Canada.

Users select dream sports groups using a fantasy spending plan, and play head-to-head or multi-player contests online.
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Players pay an entry fee for each contest and complete for prize money.

The landscape

Paddy Power Betfair got in the US fantasy sports market in 2015 with the acquisition of Draft, a United States fantasy sports website, for $48m (₤ 35m).
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The Dublin-based firm currently has an US department, which consists of the TVG Network, a horseracing TV channel and an online wagering network which is active in 35 states.

Paddy Power also has an online gambling establishment and a horseracing wagering exchange in the state of New Jersey.

Under the terms of 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 method for sports wagering

14 May 2018
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