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Paddy Power Betfair purchases fantasy sports site Fan Duel
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23 May 2018
Gambling company Paddy Power Betfair has actually concurred to merge with the US fantasy sports wagering website Fan Duel.
It wants to target the US sports wagering market that is set to open after a court decision.
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In May, the US Supreme Court reversed 1992 legislation that prohibited sports wagering in many states.
Fan Duel, which was established in Scotland, permits sports fans to gamble on fantasy sports leagues and contests in .
The bet9ja's welcome offer
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Under the contract, Paddy Power Betfair will include its existing US assets worth $612m together with $158m of cash to take a 61% stake in the combined service.
Existing Fan Duel investors will own 39%.
The Dublin-based business will control business, which will become a subsidiary.
Paddy Power Betfair manager Peter Jackson said the mix would create the yohaig code "largest online organization" in the US gaming market.
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" [We will have] a big sports-focused client base and a comprehensive nationwide footprint," he stated.
The punters
Fan Duel lets its customers bet on fantasy sport video games, based around NFL 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 select fantasy sports groups using a fantasy budget plan, and play head-to-head or multi-player contests online.
Players pay an entry fee for each contest and contend for prize money.
The landscape
Paddy Power Betfair got in the US dream sports market in 2015 with the yohaig code acquisition of Draft, a United States fantasy sports site, for $48m (₤ 35m).
The Dublin-based company currently has a United States division, which consists of the TVG Network, a horseracing TV channel and an online wagering 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 terms of its latest deal, Paddy Power can increase its stake in Fan Duel to 80% after three years and 100% after 5 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
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Paddy Power Betfair Buys Fantasy Sports site Fan Duel
raymundokobaya edited this page 2025-10-18 02:01:12 +00:00