Paddy Power Betfair Buys Fantasy Sports Website Fan Duel

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Paddy Power Betfair buys dream sports website Fan Duel
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23 May 2018

Gambling firm Paddy Power Betfair has actually consented to combine with the US fantasy sports betting website Fan Duel.

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

In May, the yohaig code US Supreme Court reversed 1992 legislation that banned sports betting in the majority of states.

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

The offer

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

The Dublin-based company will manage the company, which will become a subsidiary.

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

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

The punters

Fan Duel lets its consumers wager on dream sport video games, based around NFL American 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.

Users select fantasy sports groups utilizing a dream budget plan, and play head-to-head or multi-player contests online.
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Players pay an entry charge for each contest and complete for prize money.
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The landscape

Paddy Power Betfair went into the US dream sports market last year with the acquisition of Draft, an US dream sports website, for $48m (₤ 35m).

The Dublin-based company already has an US department, that includes 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 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 bet9ja's welcome offer is anticipated to close in the third quarter this promotion code year.
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