1 Paddy Power Betfair Buys Fantasy Sports site Fan Duel
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Paddy Power Betfair buys fantasy sports website Fan Duel

23 May 2018

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

It wishes to target the US sports betting market that is set to open up after a court choice.
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In May, the yohaig code US Supreme Court overturned 1992 legislation that banned sports wagering in a lot of states.
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Fan Duel, which was founded in Scotland, enables sports fans to gamble on fantasy sports leagues and contests in American sports.

The deal

Under the agreement, Paddy Power Betfair will include its existing US assets worth $612m together with $158m of cash to take a 61% stake in the combined company.

Existing Fan Duel investors will own 39%.

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

Paddy Power Betfair employer Peter Jackson stated the combination would produce the "biggest online business" in the US betting market.
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" [We will have] a big sports-focused consumer base and a comprehensive nationwide footprint," he said.
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The punters

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

There are a projected 30 million adult fantasy sports gamers in The United States and Canada.
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Users pick dream sports groups utilizing a fantasy spending plan, and play head-to-head or multi-player contests online.

Players pay an entry charge for each contest and contend for money rewards.
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The landscape
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Paddy Power Betfair got in the US dream sports market last year with the acquisition of Draft, an US dream sports site, for $48m (₤ 35m).
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The Dublin-based company already has a United States department, which includes the TVG Network, a horseracing TV channel and an online betting network which is active in 35 states.

Paddy Power likewise has an online casino and a horseracing wagering exchange in the state of New Jersey.
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Under the regards to its latest deal, Paddy Power can its stake in Fan Duel to 80% after 3 years and 100% after 5 years.

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

US judgment opens method for sports wagering

14 May 2018
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