Paddy Power buys United States fantasy sports company Draft

Paddy Power buys United States fantasy sports company Draft

Paddy Power buys United States fantasy sports company Draft

United Kingdom bookmaker Paddy Power Betfair plc (LON:PPB) said it has bought USA fantasy sports event business Draft for US$48mln.

Another $29 million could be added to the deal over the next four years depending on the startup's performance, the new owner said in a statement.

PaddyPower Betfair have confirmed that they will make a substantial marketing investment over the next few years to develop the business as the company looks to expand further into the US DFS market.

Shares of Paddy Power at 0749 GMT trading 0.4% higher at 8,405 pence.

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The Chief Executive Officer of Paddy Power Betfair Breon Corcoran commented on the deal, saying that the entire team of the British bookmaker was very pleased with the fact that DRAFT was to become part of the Group's family.

Draft, which runs online sports matches in which players can compete with their friends, will continue to be run by co-CEOs Jeremy Levine and Jordan Fliegel.

The acquisition was said to provide the group with exposure to a "fast-growing" market, and complemented its other businesses in the United States. "The transaction is demonstrative of the increasing search for mobile-led, digital companies that are able to cater to the changing habits and needs of customers and could be the first step in the diversification of the group's offerings". Over the last couple of years she has been engaged in writing about a number of industries and has developed an interest for the gambling market in the UK.

Correction: Paddy Power Betfair bought mobile game Draft.

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