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 actually concurred to combine with the US dream sports betting site Fan Duel.
It wants 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 banned sports betting in the majority of states.
Fan Duel, which was established in Scotland, enables sports fans to gamble on fantasy sports leagues and contests in American sports.
The offer
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 organization.
Existing Fan Duel investors will own 39%.
The Dublin-based company will manage the service, which will become a subsidiary.
Paddy Power Betfair employer Peter Jackson stated the combination would develop the "largest online service" in the US gambling market.
" [We will have] a big sports-focused customer base and a substantial nationwide 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.
There are a projected 30 million adult fantasy sports gamers in The United States and Canada.
Users select dream sports teams using a fantasy budget plan, and play head-to-head or multi-player contests online.
Players pay an entry cost for each contest and compete for money rewards.
The landscape
Paddy Power Betfair entered the US dream sports market last year with the acquisition of Draft, a United States fantasy sports website, for $48m (₤ 35m).
Paddy Power Betfair buys dream sports website Fan Duel
23 May 2018
Gambling company Paddy Power Betfair has actually concurred to combine with the US dream sports betting site Fan Duel.
It wants 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 banned sports betting in the majority of states.
Fan Duel, which was established in Scotland, enables sports fans to gamble on fantasy sports leagues and contests in American sports.
The offer
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 organization.
Existing Fan Duel investors will own 39%.
The Dublin-based company will manage the service, which will become a subsidiary.
Paddy Power Betfair employer Peter Jackson stated the combination would develop the "largest online service" in the US gambling market.
" [We will have] a big sports-focused customer base and a substantial nationwide 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.
There are a projected 30 million adult fantasy sports gamers in The United States and Canada.
Users select dream sports teams using a fantasy budget plan, and play head-to-head or multi-player contests online.
Players pay an entry cost for each contest and compete for money rewards.
The landscape
Paddy Power Betfair entered the US dream sports market last year with the acquisition of Draft, a United States fantasy sports website, for $48m (₤ 35m).