Paddy Power Betfair Buys Fantasy Sports Site Fan Duel
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Paddy Power Betfair buys fantasy sports site Fan Duel
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23 May 2018
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Gambling company Paddy Power Betfair has actually concurred to combine with the US fantasy sports wagering website 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 Court overturned 1992 legislation that banned sports wagering in most states.
Fan Duel, which was founded in Scotland, enables sports fans to bet on dream sports leagues and contests in American sports.
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Under the agreement, Paddy Power Betfair will throw in its existing US properties worth $612m together with $158m of money to take a 61% stake in the combined organization.
Existing Fan Duel investors will own 39%.
The Dublin-based company will control business, which will become a subsidiary.
Paddy Power Betfair manager Peter Jackson stated the yohaig code combination would develop the "largest online organization" in the US gaming industry.
" [We will have] a big sports-focused customer base and a comprehensive across the yohaig code country footprint," he stated.
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The punters
Fan Duel lets its customers bet on fantasy sport games, based around NFL Football, NBA basketball, MLB baseball and NHL ice hockey.
There are a projected 30 million adult fantasy sports players in The United States and Canada.
Users pick fantasy sports groups using a dream spending plan, and play head-to-head or multi-player contests online.
Players pay an entry charge for each contest and contend for money rewards.
The landscape
Paddy Power Betfair entered the US fantasy sports market in 2015 with the acquisition of Draft, a United States fantasy sports site, for $48m (₤ 35m).
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The currently has a United States department, that includes the TVG Network, a horseracing TV channel and an online wagering network which is active in 35 states.
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Paddy Power likewise has an online casino and a horseracing betting exchange in the state of New Jersey.
Under the yohaig code terms of its newest deal, Paddy Power can increase its stake in Fan Duel to 80% after three years and 100% after 5 years.
The deal is anticipated to close in the yohaig code third quarter this promotion code year.
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