Betfair buys fantasy sports website Fan Duel
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23 May 2018
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Gambling company Paddy Power Betfair has consented to combine with the US fantasy sports betting site Fan Duel.
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It wishes to target the US sports wagering market that is set to open up after a court choice.

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

Fan Duel, which was established in Scotland, permits sports fans to gamble on fantasy sports leagues and contests in American sports.

The deal

Under the agreement, Paddy Power Betfair will throw in its existing US possessions worth $612m in addition to $158m of cash to take a 61% stake in the combined business.

Existing Fan Duel financiers will own 39%.
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The Dublin-based business will control the organization, which will end up being a subsidiary.

Paddy Power Betfair manager Peter Jackson stated the combination would produce the "biggest online service" in the US gaming market.

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

The punters

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

There are an estimated 30 million adult fantasy sports players in The United States and Canada.

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

Players pay an entry charge for each contest and contend for money rewards.

The landscape

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

The Dublin-based firm already has a United States division, that includes the yohaig code TVG Network, a horseracing TV channel and an online betting network which is active in 35 states.

Paddy Power likewise has an online casino 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 5 years.
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The deal is anticipated to close in the third quarter this promotion code year.
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US ruling opens way for sports wagering

14 May 2018
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