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Paddy Power Betfair buys dream sports site Fan Duel
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23 May 2018
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Gambling firm Paddy Power Betfair has agreed to combine with the US fantasy sports wagering website Fan Duel.
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 prohibited sports betting in a lot of states.
Fan Duel, which was established in Scotland, allows sports fans to bet on fantasy sports leagues and contests in American sports.
The deal
Under the contract, Paddy Power Betfair will toss in its existing US assets worth $612m in addition to $158m of cash to take a 61% stake in the combined organization.
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Existing Fan Duel financiers will own 39%.
The Dublin-based company will manage business, which will become a subsidiary.
Paddy Power Betfair employer Peter Jackson said the combination would develop the "largest online company" in the US gaming industry.
" [We will have] a large sports-focused customer base and a comprehensive across the country footprint," he said.
The punters
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Fan Duel lets its consumers bank on dream sport games, based around NFL Football, NBA basketball, MLB baseball and NHL ice hockey.
There are an approximated 30 million sports gamers in North America.
Users select dream sports teams utilizing a fantasy budget, and play head-to-head or multi-player contests online.
Players pay an entry charge for each contest and complete for prize money.
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The landscape
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Paddy Power Betfair got in the US dream sports market in 2015 with the acquisition of Draft, an US dream sports site, for $48m (₤ 35m).
The Dublin-based company currently has a United States department, which includes the TVG Network, a horseracing TV channel and an online betting 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 regards to its newest bet9ja's welcome offer, 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 3rd quarter this promotion code year.
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US judgment opens method for sports wagering
14 May 2018
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