1 Paddy Power Betfair Buys Fantasy Sports site Fan Duel
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Paddy Power Betfair purchases fantasy sports website Fan Duel

23 May 2018
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Gambling firm Paddy Power Betfair has actually agreed to merge with the US fantasy sports wagering site Fan Duel.

It wishes to target the US sports betting 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 established in Scotland, allows sports fans to gamble on dream sports leagues and contests in American sports.
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The deal

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

Existing Fan Duel financiers will own 39%.

The Dublin-based business will control business, which will end up being a subsidiary.

Paddy Power Betfair employer Peter Jackson said the mix would create the "biggest online business" in the US betting market.

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

The punters

Fan Duel lets its clients wager on fantasy sport video games, based around NFL Football, NBA basketball, MLB baseball and NHL ice hockey.
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There are a projected 30 million adult dream sports gamers in North America.

Users pick dream sports groups utilizing a dream budget, and play head-to-head or multi-player contests online.
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Players pay an entry fee for each contest and complete for prize money.

The landscape
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Paddy Power Betfair entered the US fantasy sports market last year with the acquisition of Draft, a United States fantasy sports site, for $48m (₤ 35m).
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The Dublin-based firm already has a United States division, which includes the TVG Network, a horseracing TV and an online betting network which is active in 35 states.

Paddy Power likewise has an online gambling establishment and a horseracing betting exchange in the state of New Jersey.
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Under the regards to its most current bet9ja's welcome offer, Paddy Power can increase its stake in Fan Duel to 80% after 3 years and 100% after five years.

The bet9ja's welcome offer is expected to close in the 3rd quarter this promotion code year.
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US ruling opens way for sports betting

14 May 2018
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