The best online betting firm, Paddy Power Betfair has announced the signing of an agreement to merge with US daily fantasy sports betting site FanDuel.
Paddy Power Betfair will contribute its existing US assets along with a cash contribution of $158m. The company has confirmed that this cash contribution will be used to pay existing FanDuel debts, which were valued to be about $76m on the 31st of March 2018. Upon completion of the transaction, Paddy Power Betfair will own 61% of the combined business, with existing FanDuel investors owning 39%. This merger shows that online betting is still developping. Open an Bestbettingexchange account via betting broker and get your part of the cake. Paddy Power Betfair wants to target the US sports betting market that is set to open up after the US Supreme Court overturned the 1992 legislation that banned sports betting in most states.
About Fan Duel
Fan Duel was founded in Scotland and allowed sports fans to gamble on fantasy sports leagues and contests in American sports. FanDuel has over 40% market share of the US daily fantasy sports market, with 7 million registered customers across 40 states. In 2017, it had revenue of $124m and 1.3 million active customers.
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Peter Jackson, CEO of Paddy Power Betfair, says : “We are excited to add FanDuel to the Group’s portfolio of leading sports brands. This combination creates the industry’s largest online business in the US…” Matt King, CEO of FanDuel, added: “We are excited to bring these two great businesses together. The combination of brands and team, along with a shared culture and vision for the future, creates the leading gaming destination for US sports fans.”
The transaction is subject to customary regulatory and anti-trust reviews under US law, but is expected to complete in Q3 2018.