Paddy Power Betfair buys fantasy sports site Fan Duel
23 May 2018
Gambling company Paddy Power Betfair has actually accepted combine with the US dream sports betting site Fan Duel.
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It wishes to target the yohaig code US sports wagering market that is set to open after a court choice.
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In May, the US Supreme Court overturned 1992 legislation that banned sports wagering in the yohaig code majority of states.
Fan Duel, which was established in Scotland, allows sports fans to gamble on fantasy sports leagues and contests in American sports.
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The deal
Under the contract, Paddy Power Betfair will include its existing US assets worth $612m in addition to $158m of money to take a 61% stake in the combined service.
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Existing Fan Duel investors will own 39%.
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The Dublin-based business will control the business, which will end up being a subsidiary.
Paddy Power Betfair boss Peter Jackson stated the mix would create the "biggest online organization" in the US gaming industry.
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" [We will have] a big sports-focused consumer base and a comprehensive nationwide footprint," he said.
The punters
Fan Duel lets its clients wager on fantasy sport games, based around NFL Football, NBA basketball, MLB baseball and NHL ice hockey.
There are an estimated 30 million adult fantasy sports players in The United States and Canada.
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Users select fantasy sports groups using a fantasy budget, and play head-to-head or multi-player contests online.
Players pay an entry charge for each contest and contend for prize money.
The landscape
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Paddy Power Betfair entered the US dream sports market last year with the acquisition of Draft, an US dream sports website, for $48m (₤ 35m).
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The currently has a United States division, that includes the yohaig code TVG Network, a horseracing TV channel and an online betting network which is active in 35 states.
Paddy Power also has an online casino and a horseracing wagering exchange in the state of New Jersey.
Under the terms of its latest deal, Paddy Power can increase its stake in Fan Duel to 80% after 3 years and 100% after 5 years.
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The deal is anticipated to close in the third quarter this year.
US ruling opens way for sports betting
14 May 2018
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Paddy Power Betfair Buys Fantasy Sports site Fan Duel
rocco97g681100 edited this page 5 months ago