Paddy Power Betfair buys fantasy sports site Fan Duel
23 May 2018
Gambling firm Paddy Power Betfair has actually consented to merge with the US dream sports wagering site Fan Duel.
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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 betting in many states.
Fan Duel, which was established in Scotland, allows sports fans to gamble on fantasy sports leagues and contests in American sports.
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The deal
Under the agreement, Paddy Power Betfair will include its existing US $612m in addition to $158m of money to take a 61% stake in the combined business.
Existing Fan Duel investors will own 39%.
The Dublin-based company will manage the company, which will become a subsidiary.
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Paddy Power Betfair employer Peter Jackson said the yohaig code combination would develop the yohaig code "largest online business" in the US gaming industry.
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" [We will have] a big sports-focused consumer base and an extensive across the country footprint," he said.
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The punters
Fan Duel lets its consumers bank 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 utilizing a fantasy spending plan, 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 prize money.
The landscape
Paddy Power Betfair got in the US dream sports market last year with the acquisition of Draft, a United States dream sports website, for $48m (₤ 35m).
The Dublin-based firm currently has an US department, that includes the TVG Network, a horseracing TV channel and an online wagering network which is active in 35 states.
Paddy Power also has an online casino and a horseracing betting exchange in the state of New Jersey.
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Under the terms of its newest deal, Paddy Power can increase its stake in Fan Duel to 80% after 3 years and 100% after five years.
The bet9ja's welcome offer is expected to close in the yohaig code third quarter this promotion code year.
US ruling opens way for sports betting
14 May 2018
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Paddy Power Betfair Buys Fantasy Sports Website Fan Duel
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