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

bit.ly
Paddy Power Betfair purchases dream sports website Fan Duel
bet9ja.com
23 May 2018
bit.ly
Gambling company Paddy Power Betfair has actually consented to combine 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 decision.
bet9ja.com
In May, the US Supreme Court reversed 1992 legislation that banned sports wagering in a lot of states.
bit.ly
Fan Duel, which was founded in Scotland, allows sports fans to gamble on fantasy sports leagues and in American sports.
bet9ja.com
The offer
bet9ja.com
Under the yohaig code agreement, Paddy Power Betfair will include its existing US assets worth $612m in addition to $158m of money to take a 61% stake in the combined service.

Existing Fan Duel investors will own 39%.

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

Paddy Power Betfair boss Peter Jackson said the mix would create the "biggest online company" in the US betting industry.

" [We will have] a big sports-focused consumer base and a substantial across the country footprint," he said.
bit.ly
The punters

Fan Duel lets its customers bank on dream sport games, based around NFL 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 pick dream sports teams using a fantasy spending plan, and play head-to-head or multi-player contests online.

Players pay an entry fee for each contest and compete for prize money.

The landscape

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

The Dublin-based company already has an US division, 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 regards to its latest offer, Paddy Power can increase its stake in Fan Duel to 80% after three years and 100% after 5 years.

The offer is expected to close in the third quarter this promotion code year.
bet9ja.com
US ruling opens method for sports wagering

14 May 2018