Paddy Power enters US daily fantasy sports market
Paddy Power Betfair has entered into the daily fantasy sports market in the US with the acquisition of an early-stage operator, DRAFT.
The initial cash consideration paid on completion was $19 million. A further cash consideration of up to $29 million will become payable over the next four years depending on the business's performance
DRAFT will continue to be run by co-chief executives Jeremy Levine and Jordan Fliegel following the acquisition.
Paddy Power said the purchase will provide it with exposure to a fast-growing market and will complement its other businesses in the United States.
Breon Corcoran, Paddy Power Betfair chief executive, said: "We are excited to be bringing DRAFT into the group and to further increase our presence in the United States. DRAFT has a differentiated product and we believe the business, with the support of our marketing and technology expertise, can take share in the fast-growing daily fantasy sports market.”
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