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

Betfair buys fantasy sports site Fan Duel

23 May 2018

Gambling firm Paddy Power Betfair has consented to combine with the yohaig code US dream sports wagering site Fan Duel.

It wishes to target the US sports wagering market that is set to open up after a court choice.
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In May, the US Supreme Court reversed 1992 legislation that prohibited sports betting 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 yohaig code agreement, Paddy Power Betfair will include its existing US possessions worth $612m along with $158m of cash to take a 61% stake in the combined business.

Existing Fan Duel financiers will own 39%.
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The Dublin-based business will control the service, which will end up being a subsidiary.

Paddy Power Betfair employer Peter Jackson said the mix would develop the "biggest online organization" in the US gambling market.

" [We will have] a large sports-focused consumer base and a comprehensive across the country footprint," he stated.

The punters

Fan Duel lets its customers bet on dream sport video games, based around NFL Football, NBA basketball, MLB baseball and NHL ice hockey.
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There are an approximated 30 million adult fantasy sports gamers in North America.

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

Players pay an entry charge for each contest and compete for cash rewards.

The landscape
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Paddy Power Betfair went into the US dream sports market last year with the acquisition of Draft, a United States dream sports site, for $48m (₤ 35m).
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The Dublin-based firm currently 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 terms of its latest offer, Paddy Power can increase its stake in Fan Duel to 80% after three years and 100% after five years.

The bet9ja's welcome offer is anticipated to close in the 3rd quarter this promotion code year.

US ruling opens way for sports betting

14 May 2018