Paddy Power Betfair Buys Fantasy Sports site Fan Duel

bit.ly
Paddy Power Betfair purchases dream sports website Fan Duel
bet9ja.com
23 May 2018
bit.ly
Gambling firm Paddy Power Betfair has actually accepted combine with the US dream sports wagering site Fan Duel.

It wishes to target the US sports wagering market that is set to open after a court choice.

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

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

The bet9ja's welcome offer

Under the arrangement, Paddy Power Betfair will include its existing US properties worth $612m in addition to $158m of money to take a 61% stake in the combined organization.
bet9ja.com
Existing Fan Duel financiers will own 39%.

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

Paddy Power Betfair employer Peter Jackson stated the combination would produce the "largest online service" in the US gambling industry.

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

The punters

Fan Duel lets its clients bank on dream sport video games, based around 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.
bit.ly
Users select fantasy sports teams utilizing a dream budget, and play head-to-head or multi-player contests online.

Players pay an entry cost for each contest and contend for money rewards.

The landscape

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

The Dublin-based company currently 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 gambling establishment and a horseracing betting 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 five years.

The bet9ja's welcome offer is anticipated to close in the third quarter this promotion code year.
bit.ly
US judgment opens method for sports betting

14 May 2018
bit.ly