Paddy Power Betfair Buys Fantasy Sports Site Fan Duel
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Paddy Power Betfair purchases dream sports site Fan Duel
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23 May 2018
Gambling firm Paddy Power Betfair has agreed to merge with the US dream sports betting website Fan Duel.
It desires to target the US sports wagering market that is set to open up after a court choice.
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In May, the US Supreme Court reversed 1992 legislation that banned sports wagering in a lot of states.
Fan Duel, which was founded in Scotland, enables sports fans to gamble on fantasy sports leagues and contests in American sports.
The offer
Under the agreement, Paddy Power Betfair will throw in its existing US possessions worth $612m along with $158m of money to take a 61% stake in the yohaig code combined organization.
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Existing Fan Duel financiers will own 39%.
The Dublin-based business will manage business, which will become a subsidiary.
Paddy Power Betfair boss Peter Jackson said the yohaig code combination would create the "largest online business" in the US gambling industry.
" [We will have] a large sports-focused client base and an extensive across the country footprint," he stated.
The punters
Fan Duel lets its customers bank on fantasy 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.
Users pick dream sports groups using a dream budget plan, and play head-to-head or multi-player contests online.
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Players pay an entry cost for each contest and complete for prize money.
The landscape
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Paddy Power Betfair went into the US fantasy sports market in 2015 with the acquisition of Draft, an US dream sports website, for $48m (₤ 35m).
The currently has an US department, which consists of the 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 betting exchange in the state of New Jersey.
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Under the regards to its most current offer, Paddy Power can increase its stake in Fan Duel to 80% after three years and 100% after five years.
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The bet9ja's welcome offer is anticipated to close in the third quarter this promotion code year.
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14 May 2018
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