Paddy Power Betfair purchases dream sports site Fan Duel

23 May 2018

Gambling company Paddy Power Betfair has actually accepted merge with the US fantasy sports wagering website Fan Duel.

It wants to target the US sports betting market that is set to open up after a court decision.
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In May, the yohaig code US Supreme Court overturned 1992 legislation that prohibited sports in most states.

Fan Duel, which was established in Scotland, permits sports fans to gamble on fantasy sports leagues and contests in American sports.

The bet9ja's welcome offer

Under the agreement, Paddy Power Betfair will throw in its existing US possessions worth $612m in addition to $158m of cash to take a 61% stake in the combined business.

Existing Fan Duel financiers will own 39%.

The Dublin-based company will control the organization, which will end up being a subsidiary.
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Paddy Power Betfair employer Peter Jackson stated the mix would create the "largest online business" in the US gambling industry.

" [We will have] a big sports-focused customer base and a comprehensive nationwide footprint," he said.
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The punters
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Fan Duel lets its consumers wager on dream sport games, based around NFL American Football, NBA basketball, MLB baseball and NHL ice hockey.
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There are a projected 30 million adult fantasy sports players in North America.

Users choose dream sports teams using a fantasy budget, and play head-to-head or multi-player contests online.
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Players pay an entry cost for each contest and compete for cash prizes.

The landscape

Paddy Power Betfair entered the US dream sports market last year with the acquisition of Draft, a United States dream sports website, for $48m (₤ 35m).
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The Dublin-based firm already has a United States department, which consists of the TVG Network, a horseracing TV channel and an online betting network which is active in 35 states.

Paddy Power likewise has an online casino and a horseracing wagering exchange in the yohaig code state of New Jersey.

Under the terms of its latest bet9ja's welcome offer, Paddy Power can increase its stake in Fan Duel to 80% after 3 years and 100% after 5 years.
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The deal is expected to close in the 3rd quarter this promotion code year.
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US judgment opens way for sports betting

14 May 2018