bet9ja.com
Paddy Power Betfair buys fantasy sports website Fan Duel
bet9ja.com
23 May 2018
bet9ja.com
Gambling firm Paddy Power Betfair has actually consented to merge with the US fantasy sports wagering website Fan Duel.
It wants 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 betting in most states.
Fan Duel, which was founded in Scotland, permits sports fans to gamble on dream sports leagues and contests in American sports.
The deal
Under the contract, Paddy Power Betfair will include its existing US assets 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 company will manage the service, which will become a subsidiary.
Paddy Power Betfair manager Peter Jackson said the yohaig code combination would produce the "biggest online organization" in the US gambling industry.
" [We will have] a big sports-focused client base and a comprehensive nationwide footprint," he said.
The punters
Fan Duel lets its customers wager on fantasy sport video games, based around NFL Football, NBA basketball, MLB baseball and NHL ice hockey.
There are an estimated 30 million sports players in North America.
Users choose fantasy sports groups utilizing a dream spending plan, and play head-to-head or multi-player contests online.
Players pay an entry charge for each contest and complete for money prizes.
The landscape
bet9ja.com
Paddy Power Betfair went into the US fantasy sports market in 2015 with the acquisition of Draft, an US fantasy sports website, for $48m (₤ 35m).
bet9ja.com
The Dublin-based company already has an US division, which includes the TVG Network, a horseracing TV channel and an online betting 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.
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.
the yohaig code deal is expected to close in the third quarter this promotion code year.
bet9ja.com
US ruling opens method for sports wagering
14 May 2018
bit.ly
1
Paddy Power Betfair Buys Fantasy Sports Website Fan Duel
terrellmansom edited this page 2025-10-21 06:25:36 +02:00