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Paddy Power Betfair purchases dream sports site Fan Duel
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23 May 2018
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Gambling firm Paddy Power Betfair has actually agreed to combine with the US dream sports betting site Fan Duel.
It wishes to target the US sports betting market that is set to open after a court choice.
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In May, the US Supreme Court overturned 1992 legislation that banned sports betting in most states.
Fan Duel, which was established in Scotland, allows sports fans to bet on fantasy sports leagues and contests in American sports.
The bet9ja's welcome offer
Under the agreement, Paddy Power Betfair will toss in its existing US assets worth $612m along 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 will manage business, which will become a subsidiary.
Paddy Power Betfair boss Peter Jackson said the combination would produce the "biggest online company" in the yohaig code US betting industry.
" [We will have] a big sports-focused consumer base and an extensive nationwide footprint," he stated.
The punters
Fan Duel lets its clients wager on fantasy sport games, based around NFL Football, NBA basketball, MLB baseball and NHL ice hockey.
There are an estimated 30 million adult dream sports gamers in The United States and Canada.
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Users select fantasy sports teams using a dream spending plan, and play head-to-head or multi-player contests online.
Players pay an entry charge for each contest and complete for cash prizes.
The landscape
Paddy Power Betfair went into the US dream sports market in 2015 with the acquisition of Draft, an US fantasy sports website, for $48m (₤ 35m).
The Dublin-based firm currently has an US department, that includes the TVG Network, a horseracing TV channel and an online wagering network which is active in 35 states.
Paddy Power also has an online gambling establishment and a horseracing wagering exchange in the yohaig code state of New Jersey.
Under the yohaig code terms of its latest bet9ja's welcome offer, Paddy Power can increase its stake in Fan Duel to 80% after three years and 100% after 5 years.
The deal is expected to close in the third quarter this promotion code year.
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US judgment opens method for sports betting
14 May 2018
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Paddy Power Betfair Buys Fantasy Sports Website Fan Duel
tamikasixsmith edited this page 2025-10-20 22:55:09 +08:00