paddy-power-betfair-buys-fantasy-sports-site-fan-duel

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Paddy Power Betfair purchases dream sports website Fan Duel
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23 May 2018
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Gambling company Paddy Power Betfair has consented to merge with the US dream sports betting website Fan Duel.

It wishes to target the US sports wagering market that is set to open up after a court choice.

In May, the US reversed 1992 legislation that prohibited sports betting in the majority of states.

Fan Duel, which was established 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 properties worth $612m along with $158m of cash to take a 61% stake in the yohaig code combined organization.
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Existing Fan Duel financiers will own 39%.

The Dublin-based business will manage business, which will end up being a subsidiary.

Paddy Power Betfair boss Peter Jackson stated the combination would develop the "largest online organization" in the US gaming market.

" [We will have] a large sports-focused client base and an extensive nationwide footprint," he said.

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

There are an estimated 30 million adult fantasy sports players in North America.

Users choose dream sports teams using a fantasy budget plan, and play head-to-head or multi-player contests online.

Players pay an entry charge for each contest and contend for prize money.
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The landscape

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

The Dublin-based firm already has an US division, which consists of the TVG Network, a horseracing TV channel and an online wagering network which is active in 35 states.

Paddy Power likewise has an online gambling establishment and a horseracing wagering exchange in the state of New Jersey.

Under the terms of its newest bet9ja's welcome offer, Paddy Power can increase its stake in Fan Duel to 80% after 3 years and 100% after five years.

The deal is anticipated to close in the third quarter this promotion code year.
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US ruling opens method for sports wagering

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