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