Posted in Industry October 17, 2019
PaddyPower Launches DFS – Taps Into FanDuel Resources
Are you ready to bet on fantasy sports?
If yes, then you will find this latest investment from PaddyPower as an exciting piece of news. In its latest promotional release, PaddyPower has launched its daily fantasy sport (DFS) product which will be made available to players from the United Kingdom and Ireland. Under these platforms, customers are now given the chance to access the FanDuel’s pools in the United States that cover a variety of sporting events.
So What’s DFS and Why Should Be Excited?
The Daily Fantasy Sport or DFS is a subset of fantasy sport that’s now popular in the United States and other parts of the world. Compared to other fantasy sports, DFS offers accelerated fantasy sports entertainment which can be enjoyed by players over a short time, like a week or just within the day. This is in contrast with other fantasy sports which can be played for a complete season. The DFS often comes as paid competitions or contests where the winners get a share of the pot based on entry fees. The provider gets a share of the fee payments which is called rake revenue.
What Makes PaddyPower DFS Different?
Also known as PaddyPower Fantasy, this new platform is now live on its website and signals the official entry of the company into DFS outside the US. The first announcement from the company was shared through a tweet last August 23, 2019. Under this platform, customers of PaddyPower can use their existing accounts and funds to participate in several contests like American football, basketball, and the English Premier League football to name just a few. In providing this service, PaddyPower will tap into the asset of FanDuel. And by using the existing liquidity of FanDuel in the US, the players of the platform and join the NFL Sunday Million which comes with a £3.5m with a fee of £9.
This is not the first time that UK players will enjoy this platform. The fantasy sports offering from FanDuel was already live in the UK but was withdrawn in 2017 for lack of liquidity. Also, there’s another player in the market that offers the same product, Rival DFS. Although it has initially withdrawn the product in 2017, the Fan Duel of Flutter Entertainment is showing signs of improvement in regulated US sports betting market. As of this writing, it now controls nearly half of the sports betting market in New Jersey. The company recently announced that its US pro forma revenue has increased by 55% to £160m.
However, it also announced that it will take a £55m EBITDA loss to fund other investments particularly customer acquisition. According to Flutter CEO President Peter Jackson, the team is delighted with the performance of the company. He added that thanks to the repeal of PASPA, the company is gaining ground in 10 states.
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