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Paddy Power Betfair buys fantasy sports website Fan Duel

23 May 2018

Gambling firm Paddy Power Betfair has consented to merge with the US fantasy sports wagering site Fan Duel.
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It wishes to target the yohaig code US sports wagering market that is set to open after a court decision.

In May, the US Supreme Court reversed 1992 legislation that banned sports wagering in the majority of states.
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Fan Duel, which was founded in Scotland, permits sports fans to bet on fantasy sports leagues and contests in American sports.

The deal
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Under the contract, Paddy Power Betfair will toss in its existing US possessions worth $612m along with $158m of money to take a 61% stake in the combined service.
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Existing Fan Duel financiers will own 39%.
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the yohaig code Dublin-based company will manage the yohaig code business, which will end up being a subsidiary.

Paddy Power Betfair employer Peter Jackson said the combination would develop the "largest online business" in the US gaming industry.

" [We will have] a large sports-focused client base and a substantial across the country footprint," he said.

The punters

Fan Duel lets its customers wager on fantasy sport games, based around NFL American Football, NBA basketball, MLB baseball and NHL ice hockey.
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There are an approximated 30 million adult fantasy in The United States and Canada.

Users choose fantasy sports groups using a fantasy budget, and play head-to-head or multi-player contests online.
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Players pay an entry fee for each contest and contend for money prizes.

The landscape

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

The Dublin-based firm already has a United States division, that includes the TVG Network, a horseracing TV channel and an online betting network which is active in 35 states.

Paddy Power likewise has an online gambling establishment and a horseracing wagering exchange in the state of New Jersey.

Under the regards to its newest deal, Paddy Power can increase its stake in Fan Duel to 80% after 3 years and 100% after five years.

The deal is anticipated to close in the third quarter this promotion code year.
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US ruling opens way for sports betting

14 May 2018