Paddy Power Betfair, the European bookmaking giant, recently announced that is has bought DRAFT for $19 million. Draft is a fantasy mobile App and according to gambling sources a further cash consideration of around $29 million spread over the next four years could be invested if the business performs to certain criteria.
In 2016, the Ireland-based Paddy Power merged with UK’s betting exchange, Betfair and now with the purchase of DRAFT, will expand its footprint into the US. This has the potential of positioning the company favorably in opening up its potential in more states offering traditional sorts betting and regulated fantasy sports.
CEO of Paddy Power Betfair announced recently: "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 market."