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

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Paddy Power Betfair purchases fantasy sports website Fan Duel
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23 May 2018

Gambling firm Paddy Power Betfair has accepted combine with the US fantasy sports wagering site Fan Duel.
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It wishes to target the US sports wagering market that is set to open after a court choice.

In May, the US Supreme Court reversed 1992 legislation that banned sports betting in a lot of states.

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

The deal

Under the arrangement, Paddy Power Betfair will toss in its existing US properties worth $612m together with $158m of cash to take a 61% stake in the yohaig code combined business.

Existing Fan Duel financiers will own 39%.

The Dublin-based business will manage business, which will end up being a subsidiary.
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Paddy Power Betfair boss Peter Jackson stated the combination would the "biggest online organization" in the US betting industry.

" [We will have] a big sports-focused customer base and a comprehensive nationwide footprint," he said.

The punters

Fan Duel lets its clients wager on fantasy sport games, based around NFL Football, NBA basketball, MLB baseball and NHL ice hockey.
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There are an estimated 30 million adult dream sports players in The United States and Canada.

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

Players pay an entry cost for each contest and compete for prize money.

The landscape

Paddy Power Betfair entered the US fantasy sports market in 2015 with the acquisition of Draft, an US dream sports website, for $48m (₤ 35m).

The Dublin-based company currently has an US department, that includes the yohaig code TVG Network, a horseracing TV channel and an online betting network which is active in 35 states.
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Paddy Power also has an online gambling establishment and a horseracing wagering exchange in the state of New Jersey.

Under the regards to its newest deal, Paddy Power can increase its stake in Fan Duel to 80% after 3 years and 100% after five years.
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The bet9ja's welcome offer is anticipated to close in the yohaig code 3rd quarter this promotion code year.
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US ruling opens method for sports wagering

14 May 2018
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