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$19m: Paddy Power’s fantasy bet
Paddy Power Betfair (PPB) has paid $19m initial consideration for a daily fantasy sports business that isn’t forecast to break even for another two years.
The acquisition is a business called DRAFT which offers something similar to fantasy football leagues, albeit focused on the major US sporting leagues across baseball, hockey, American football and golf.
DRAFT claims a broader segment of its customers are winners compared with some of its rivals where a large percentage of winnings go to just 1% of the players.
Paddy Power will boost marketing spend on DRAFT to help it maximise revenue growth opportunities.