Paddy Power Betfair Buys Fantasy Sports Website Fan Duel

Paddy Power Betfair purchases dream sports website Fan Duel

23 May 2018

Gambling company Paddy Power Betfair has accepted merge with the US dream sports betting website Fan Duel.

It desires to target the US sports betting market that is set to open after a court decision.

In May, the US Supreme Court overturned 1992 legislation that prohibited sports wagering in most states.

Fan Duel, which was established in Scotland, enables sports fans to bet on fantasy sports leagues and contests in American sports.

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Under the arrangement, Paddy Power Betfair will throw in its existing US possessions worth $612m together with $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 company, which will become a subsidiary.

Paddy Power Betfair boss Peter Jackson stated the combination would create the "largest online service" in the US gaming industry.

" [We will have] a big sports-focused customer base and a substantial nationwide footprint," he said.

The punters

Fan Duel lets its clients bank on dream sport games, based around NFL Football, NBA basketball, MLB baseball and NHL ice hockey.

There are an approximated 30 million adult fantasy sports players in North America.

Users pick dream sports groups using a fantasy budget, and play head-to-head or multi-player contests online.

Players pay an entry fee for each contest and for cash rewards.

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Paddy Power Betfair got in the US dream sports market last year with the acquisition of Draft, an US fantasy sports website, for $48m (₤ 35m).

The Dublin-based company currently has an US division, which includes the TVG Network, a horseracing TV channel and an online betting 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 terms of its newest offer, Paddy Power can increase its stake in Fan Duel to 80% after three years and 100% after five years.

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