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

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Paddy Power Betfair buys dream sports site Fan Duel
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23 May 2018
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Gambling firm Paddy Power Betfair has consented to merge with the US dream 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.
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In May, the US Supreme Court overturned 1992 legislation that banned sports wagering in a lot of states.

Fan Duel, which was established in Scotland, enables sports fans to gamble on fantasy 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 company.

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

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

" [We will have] a big sports-focused client base and a comprehensive nationwide footprint," he said.

The punters

Fan Duel lets its clients wager on fantasy sport video games, based around NFL Football, NBA basketball, MLB baseball and NHL ice hockey.

There are an estimated 30 million adult fantasy sports gamers in North America.

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 prize money.

The landscape

Paddy Power Betfair got in the US dream sports market in 2015 with the acquisition of Draft, a United States dream sports site, for $48m (₤ 35m).

The Dublin-based company 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 deal, Paddy Power can increase its stake in Fan Duel to 80% after three years and 100% after five years.
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The deal is anticipated to close in the 3rd this promotion code year.
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US ruling opens way for sports betting

14 May 2018
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