paddy-power-betfair-buys-fantasy-sports-site-fan-duel

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Paddy Power Betfair purchases fantasy sports site Fan Duel

23 May 2018
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Gambling firm Paddy Power Betfair has actually concurred to merge with the US fantasy sports betting site Fan Duel.

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

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

Fan Duel, which was established in Scotland, allows 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 assets worth $612m together with $158m of cash 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 company will control business, which will end up being a subsidiary.

Paddy Power Betfair manager Peter Jackson said the combination would produce the "biggest online service" in the US gambling market.
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" [We will have] a big sports-focused customer base and a substantial across the country footprint," he said.

The punters

Fan Duel lets its customers wager 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 dream sports gamers in The United States and Canada.

Users choose dream sports groups utilizing a fantasy spending plan, and play head-to-head or multi-player contests online.

Players pay an entry fee for each contest and contend for cash prizes.

The landscape

Paddy Power Betfair got in the US fantasy sports market last year with the acquisition of Draft, an US dream sports website, for $48m (₤ 35m).
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The Dublin-based company currently 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 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.

The deal is anticipated to close in the third quarter this promotion code year.
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14 May 2018