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Paddy Power Betfair purchases fantasy sports website Fan Duel

23 May 2018

Gambling firm Paddy Power Betfair has actually consented to combine with the US fantasy sports wagering website Fan Duel.

It wants to target the US sports betting market that is set to open after a court decision.
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In May, the US Supreme Court reversed 1992 legislation that banned sports betting in the majority of states.

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

The offer

Under the contract, Paddy Power Betfair will include its existing US possessions worth $612m in addition to $158m of cash to take a 61% stake in the combined company.

Existing Fan Duel financiers will own 39%.

The Dublin-based company will manage the yohaig code company, which will become a subsidiary.

Paddy Power Betfair boss Peter Jackson said the combination would produce the "biggest online service" in the US gambling market.

" [We will have] a large sports-focused client base and a comprehensive nationwide footprint," he said.
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The punters

Fan Duel lets its consumers bet on fantasy sport video games, based around NFL American Football, NBA basketball, MLB baseball and NHL ice hockey.

There are an approximated 30 million adult dream sports players in North America.
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Users pick fantasy sports teams utilizing a dream budget, and play head-to-head or online.

Players pay an entry fee for each contest and complete for prize money.

The landscape
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Paddy Power Betfair went into the US fantasy sports market in 2015 with the acquisition of Draft, an US fantasy sports site, for $48m (₤ 35m).
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The Dublin-based company already has a United States department, which consists of the TVG Network, a horseracing TV channel and an online wagering network which is active in 35 states.

Paddy Power also has an online casino and a horseracing betting exchange in the state of New Jersey.

Under the regards to its latest bet9ja's welcome offer, Paddy Power can increase its stake in Fan Duel to 80% after three years and 100% after five years.

the yohaig code offer is expected to close in the third quarter this promotion code year.
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US ruling opens method for sports wagering

14 May 2018
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