Paddy Power Betfair Buys Fantasy Sports site Fan Duel

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Paddy Power Betfair buys dream sports site Fan Duel

23 May 2018

Gambling firm Paddy Power Betfair has actually accepted combine with the US dream sports wagering website Fan Duel.

It wishes to target the US sports betting market that is set to open after a court decision.

In May, the US Supreme Court reversed 1992 legislation that banned sports wagering in most states.

Fan Duel, which was founded 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 toss in its existing US assets worth $612m along with $158m of cash to take a 61% stake in the combined organization.

Existing Fan Duel investors will own 39%.

The Dublin-based business will control business, which will become a subsidiary.

Paddy Power Betfair boss Peter Jackson said the mix would develop the "biggest online company" in the yohaig code US gaming industry.

" [We will have] a big sports-focused customer base and a substantial nationwide footprint," he stated.

The punters

Fan Duel lets its clients bet on dream sport games, based around NFL American Football, NBA basketball, MLB baseball and NHL ice hockey.

There are a projected 30 million adult fantasy sports players in North America.

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

Players pay an entry charge for each contest and contend for cash prizes.

The landscape

Paddy Power Betfair went into the US dream sports market last year with the acquisition of Draft, an US dream sports site, for $48m (₤ 35m).

The Dublin-based firm already has an US department, that includes the TVG Network, a horseracing TV channel and an online betting network which is active in 35 states.