Paddy Power Betfair Buys Fantasy Sports Site Fan Duel
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Paddy Power Betfair purchases dream sports site Fan Duel
23 May 2018
Gambling company Paddy Power Betfair has concurred to merge with the US fantasy sports wagering website .
It wishes to target the US sports betting market that is set to open after a court choice.
In May, the US Supreme Court reversed 1992 legislation that banned sports wagering in most states.
Fan Duel, which was founded in Scotland, enables sports fans to gamble on fantasy sports leagues and contests in American sports.
The deal
Under the agreement, Paddy Power Betfair will include its existing US possessions worth $612m together with $158m of money to take a 61% stake in the yohaig code combined company.
Existing Fan Duel investors will own 39%.
The Dublin-based business will control business, which will become a subsidiary.
Paddy Power Betfair employer Peter Jackson said the combination would produce the "largest online business" in the US gambling market.
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" [We will have] a large sports-focused consumer base and a comprehensive nationwide footprint," he stated.
The punters
Fan Duel lets its consumers bank on fantasy sport 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 fantasy sports groups utilizing a fantasy spending plan, and play head-to-head or multi-player contests online.
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Players pay an entry fee for each contest and compete for cash rewards.
The landscape
Paddy Power Betfair got in the US fantasy sports market last year with the acquisition of Draft, an US fantasy sports website, for $48m (₤ 35m).
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The Dublin-based firm already 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 likewise has an online casino and a horseracing betting exchange in the state of New Jersey.
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Under the regards to its latest deal, Paddy Power can increase its stake in Fan Duel to 80% after 3 years and 100% after five years.
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The deal is anticipated to close in the yohaig code third quarter this promotion code year.
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