Paddy Power Introduces Daily Fantasy Sports Product in the UK
UK customers can now access Paddy Power Fantasy game. In which players pick a fantasy team to compete with each other to win cash.
Paddy Power is hoping to take advantage of the massive surge of popularity of fantasy sports games by introducing Paddy Power Fantasy. The daily game will offer customers access to FanDuel’s pools in the US as well and covers a variety of sports.
The new product is a result of Paddy Power Betfair’s acquisition of FanDuel last year. PPB paid $158m in cash and committed to paying off FanDuel’s debt which stood at $76m at the time of the acquisition.
Paddy Power’s customers already have access to the new product using their standard log-in details and can take part in daily contests against other players. The sports available are American football, basketball, baseball, hockey, tennis and golf as well as the English Premier League. A highlight of the new product is that the UK and Irish customers are for the first time able to enter the lucrative NFL Sunday Million. A £9 entry fee enables Paddy Power Fantasy players a chance to compete for a prize fund of £3.5m.
According to FanDuel’s website nearly three million people have won cash with pay-outs to customers totalling over $4.5bn.
Some consumers may already be aware of the FanDuel product as the service was available in the UK, but due to funding issues it was withdrawn in 2017, Paddy Power Betfair’s takeover ensures FanDuel continuation in the US market, as well as being a unique selling point product in Paddy Power’s portfolio.
Paddy Power Betfair at the time of the acquisition said the deal allowed the group to tap into the American market and the company would benefit from the public’s awareness of the product. In a statement it said;
The transaction strengthens the Group’s opportunity to target the prospective US sports betting market through the addition of a strong brand, large existing customer base and talented team. – Paddy Power statement
It is believed that one of the biggest drivers that led to the purchase was the propensity of FanDuel’s customer base to place sportsbook bets. 84% of FanDuel’s 7 million customers who use the service, also placed bets.
The deal sees the Paddy Power Betfair Group become the largest online gaming company in the US. Its $265m revenue dwarfs that of rivals Draftkings ($155m), TwinSpires ($132m) and well ahead of UK rival William Hill who have US online net revenues of $42m.
The group have taken full advantage of the repealing of the Professional and Amateur Sports Protection Act of 1992, which effectively outlawed sports betting nationwide in America. This act was successfully challenged in the state of New Jersey and in May 2018 the courts ruled that PASPA was unconstitutional and ordered the act to be revoked.