Paddy Power Betfair Buys Fantasy Sports Website Fan Duel
Paddy Power Betfair buys dream sports website Fan Duel
23 May 2018
Gambling company Paddy Power Betfair has accepted merge with the US dream sports betting website Fan Duel.
It wishes to target the US sports wagering market that is set to open after a court choice.
In May, the US Supreme Court overturned 1992 legislation that prohibited sports wagering in the majority of states.
Fan Duel, which was founded in Scotland, allows sports fans to gamble on dream sports leagues and contests in American sports.
The deal
Under the contract, Paddy Power Betfair will include its existing US properties worth $612m in addition to $158m of cash to take a 61% stake in the combined service.
Existing Fan Duel financiers will own 39%.
The Dublin-based company will control the company, which will end up being a subsidiary.
Paddy Power Betfair boss Peter Jackson stated the combination would create the "largest online company" in the US gambling industry.
" [We will have] a large sports-focused client base and a substantial nationwide footprint," he stated.
The punters
Fan Duel lets its consumers bank on dream sport games, based around NFL Football, NBA basketball, MLB baseball and NHL ice hockey.
There are an approximated 30 million adult dream sports players in The United States and Canada.
Users pick fantasy sports groups using a dream budget plan, and play head-to-head or multi-player contests online.
Players pay an entry cost for each contest and compete for cash prizes.
The landscape
Paddy Power Betfair got in the US dream sports market last year with the acquisition of Draft, an US fantasy sports site, for $48m (₤ 35m).
Paddy Power Betfair buys dream sports website Fan Duel
23 May 2018
Gambling company Paddy Power Betfair has accepted merge with the US dream sports betting website Fan Duel.
It wishes to target the US sports wagering market that is set to open after a court choice.
In May, the US Supreme Court overturned 1992 legislation that prohibited sports wagering in the majority of states.
Fan Duel, which was founded in Scotland, allows sports fans to gamble on dream sports leagues and contests in American sports.
The deal
Under the contract, Paddy Power Betfair will include its existing US properties worth $612m in addition to $158m of cash to take a 61% stake in the combined service.
Existing Fan Duel financiers will own 39%.
The Dublin-based company will control the company, which will end up being a subsidiary.
Paddy Power Betfair boss Peter Jackson stated the combination would create the "largest online company" in the US gambling industry.
" [We will have] a large sports-focused client base and a substantial nationwide footprint," he stated.
The punters
Fan Duel lets its consumers bank on dream sport games, based around NFL Football, NBA basketball, MLB baseball and NHL ice hockey.
There are an approximated 30 million adult dream sports players in The United States and Canada.
Users pick fantasy sports groups using a dream budget plan, and play head-to-head or multi-player contests online.
Players pay an entry cost for each contest and compete for cash prizes.
The landscape
Paddy Power Betfair got in the US dream sports market last year with the acquisition of Draft, an US fantasy sports site, for $48m (₤ 35m).