Paddy Power Betfair purchases dream sports website Fan Duel

23 May 2018
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Gambling company Paddy Power Betfair has accepted combine with the US fantasy sports betting website Fan Duel.

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

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

Fan Duel, which was established in Scotland, allows sports fans to bet on dream sports leagues and contests in American sports.

The deal

Under the yohaig code contract, Paddy Power Betfair will include its existing US assets worth $612m along with $158m of cash to take a 61% stake in the combined organization.
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Existing Fan Duel financiers will own 39%.

The Dublin-based company will manage the company, which will become a .
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Paddy Power Betfair boss Peter Jackson stated the combination would develop the "largest online business" in the US gaming market.
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" [We will have] a large sports-focused customer base and a comprehensive across the country footprint," he said.
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The punters

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

There are a projected 30 million adult fantasy sports gamers in The United States and Canada.

Users select dream sports groups using a dream spending plan, and play head-to-head or multi-player contests online.

Players pay an entry fee for each contest and complete for prize money.
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The landscape
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Paddy Power Betfair entered the US fantasy sports market in 2015 with the acquisition of Draft, a United States dream sports website, for $48m (₤ 35m).

The Dublin-based company already has an US division, 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 gambling establishment and a horseracing wagering exchange in the state of New Jersey.

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

The bet9ja's welcome offer is expected to close in the 3rd quarter this promotion code year.
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US judgment opens way for sports wagering

14 May 2018