Paddy Power Betfair Buys Fantasy Sports Website Fan Duel
Paddy Power Betfair purchases dream sports site Fan Duel
23 May 2018
Gambling company Paddy Power Betfair has actually consented to merge with the US fantasy sports betting website Fan Duel.
It desires to target the US sports betting market that is set to open up after a court decision.
In May, the US Supreme Court overturned 1992 legislation that banned sports wagering in most states.
Fan Duel, which was established in Scotland, allows sports fans to bet on dream sports leagues and contests in American sports.
The deal
Under the contract, Paddy Power Betfair will toss in its existing US possessions worth $612m together with $158m of cash to take a 61% stake in the combined organization.
Existing Fan Duel financiers will own 39%.
The Dublin-based business will control business, which will end up being a subsidiary.
Paddy Power Betfair boss Peter Jackson said the mix would create the "biggest online service" in the US gaming market.
" [We will have] a large sports-focused customer base and a comprehensive across the country footprint," he said.
The punters
Fan Duel lets its consumers bank on dream 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 pick fantasy sports teams using a fantasy spending plan, and play head-to-head or multi-player contests online.
Players pay an entry fee for each contest and complete 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 fantasy sports website, for $48m (₤ 35m).
Paddy Power Betfair purchases dream sports site Fan Duel
23 May 2018
Gambling company Paddy Power Betfair has actually consented to merge with the US fantasy sports betting website Fan Duel.
It desires to target the US sports betting market that is set to open up after a court decision.
In May, the US Supreme Court overturned 1992 legislation that banned sports wagering in most states.
Fan Duel, which was established in Scotland, allows sports fans to bet on dream sports leagues and contests in American sports.
The deal
Under the contract, Paddy Power Betfair will toss in its existing US possessions worth $612m together with $158m of cash to take a 61% stake in the combined organization.
Existing Fan Duel financiers will own 39%.
The Dublin-based business will control business, which will end up being a subsidiary.
Paddy Power Betfair boss Peter Jackson said the mix would create the "biggest online service" in the US gaming market.
" [We will have] a large sports-focused customer base and a comprehensive across the country footprint," he said.
The punters
Fan Duel lets its consumers bank on dream 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 pick fantasy sports teams using a fantasy spending plan, and play head-to-head or multi-player contests online.
Players pay an entry fee for each contest and complete 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 fantasy sports website, for $48m (₤ 35m).