Paddy Power Betfair buys dream sports website Fan Duel
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23 May 2018
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Gambling company Paddy Power Betfair has concurred to combine 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 reversed 1992 legislation that prohibited sports betting in most states.
Fan Duel, which was established in Scotland, enables sports fans to bet on dream sports leagues and contests in American sports.
The deal
Under the agreement, Paddy Power Betfair will toss in its existing US $612m together with $158m of money to take a 61% stake in the combined business.
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Existing Fan Duel financiers will own 39%.
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 "largest online service" in the US gambling industry.
" [We will have] a big sports-focused customer base and a substantial across the country footprint," he stated.
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 a projected 30 million adult fantasy sports gamers in North America.
Users select fantasy sports groups using a fantasy budget, and play head-to-head or multi-player contests online.
Players pay an entry fee for each contest and contend for cash prizes.
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Paddy Power Betfair entered the US fantasy 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 company already has a United States 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 gambling establishment and a horseracing wagering exchange in the state of New Jersey.
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Under the terms of its most current deal, Paddy Power can increase its stake in Fan Duel to 80% after three years and 100% after 5 years.
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The bet9ja's welcome offer is anticipated to close in the 3rd quarter this promotion code year.
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US judgment opens method for sports wagering
14 May 2018
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Paddy Power Betfair Buys Fantasy Sports site Fan Duel
deborahabrams0 edited this page 2025-10-20 00:39:10 +02:00