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Paddy Power Betfair purchases fantasy sports site Fan Duel

23 May 2018
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Gambling company Paddy Power Betfair has agreed to combine with the US fantasy sports betting site Fan Duel.
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It wishes to target the US sports betting market that is set to open up after a court choice.

In May, the US Supreme Court overturned 1992 legislation that prohibited sports wagering in the majority of states.
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Fan Duel, which was founded in Scotland, permits sports fans to gamble on dream sports leagues and contests in American sports.

The deal
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Under the arrangement, Paddy Power Betfair will include its existing US assets worth $612m along with $158m of cash to take a 61% stake in the combined organization.
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Existing Fan Duel investors will own 39%.

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

Paddy Power Betfair employer Peter Jackson said the mix would create the "biggest online service" in the yohaig code US betting industry.

" [We will have] a large sports-focused consumer base and a substantial nationwide footprint," he stated.
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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 gamers in The United States and Canada.

Users pick fantasy sports teams utilizing a dream budget, and play head-to-head or multi-player contests online.

Players pay an entry charge for each contest and contend for prize money.

The landscape

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

The Dublin-based company already has a United States division, that includes the TVG Network, a horseracing TV channel and an online wagering 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.

Under the yohaig code regards to 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 this promotion code year.
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US ruling opens way for sports wagering

14 May 2018