Paddy Power Betfair Buys Fantasy Sports Website Fan Duel
Paddy Power Betfair buys dream sports website Fan Duel
23 May 2018
Gambling firm Paddy Power Betfair has actually consented to merge with the US fantasy sports wagering site Fan Duel.
It wishes to target the US sports wagering market that is set to open after a court choice.
In May, the US Supreme Court overturned 1992 legislation that prohibited sports wagering in many states.
Fan Duel, which was established in Scotland, allows sports fans to gamble on dream sports leagues and contests in American sports.
The deal
Under the arrangement, Paddy Power Betfair will throw in its existing US assets worth $612m in addition to $158m of cash to take a 61% stake in the combined organization.
Existing Fan Duel investors will own 39%.
The Dublin-based business will control business, which will end up being a subsidiary.
Paddy Power Betfair manager Peter Jackson stated the combination would create the "largest online organization" in the US gaming industry.
" [We will have] a large sports-focused client base and an extensive across the country footprint," he stated.
The punters
Fan Duel lets its clients bet on dream sport games, based around NFL American Football, NBA basketball, MLB baseball and NHL ice hockey.
There are a projected 30 million adult dream sports gamers in The United States and Canada.
Users select fantasy sports teams using a fantasy budget plan, and play head-to-head or multi-player contests online.
Players pay an entry fee for each contest and complete for prize money.
The landscape
Paddy Power Betfair went into the US dream sports market last year with the acquisition of Draft, a United States dream sports website, for $48m (₤ 35m).
Paddy Power Betfair buys dream sports website Fan Duel
23 May 2018
Gambling firm Paddy Power Betfair has actually consented to merge with the US fantasy sports wagering site Fan Duel.
It wishes to target the US sports wagering market that is set to open after a court choice.
In May, the US Supreme Court overturned 1992 legislation that prohibited sports wagering in many states.
Fan Duel, which was established in Scotland, allows sports fans to gamble on dream sports leagues and contests in American sports.
The deal
Under the arrangement, Paddy Power Betfair will throw in its existing US assets worth $612m in addition to $158m of cash to take a 61% stake in the combined organization.
Existing Fan Duel investors will own 39%.
The Dublin-based business will control business, which will end up being a subsidiary.
Paddy Power Betfair manager Peter Jackson stated the combination would create the "largest online organization" in the US gaming industry.
" [We will have] a large sports-focused client base and an extensive across the country footprint," he stated.
The punters
Fan Duel lets its clients bet on dream sport games, based around NFL American Football, NBA basketball, MLB baseball and NHL ice hockey.
There are a projected 30 million adult dream sports gamers in The United States and Canada.
Users select fantasy sports teams using a fantasy budget plan, and play head-to-head or multi-player contests online.
Players pay an entry fee for each contest and complete for prize money.
The landscape
Paddy Power Betfair went into the US dream sports market last year with the acquisition of Draft, a United States dream sports website, for $48m (₤ 35m).