Edinburgh’s bet on FanDuel pays off

May 24, 2018 •

Paddy Power Betfair will put up $158m in cash and its US assets to merge with fantasy sports platform FanDuel, a spinout from University of Edinburgh.

Ireland-headquartered betting firm Paddy Power Betfair (PPB) agreed yesterday to acquire a majority stake in FanDuel, a US-based daily sports fantasy spinout from University of Edinburgh, as part of a merger deal.

FanDuel will be merged with the TVG horseracing betting network, media business and online casinos owned by Betfair US, PPB’s American subsidiary, which have a combined value of $612m according to the BBC.

PPB will also invest $158m that will be used to pay down FanDuel’s debt, according…

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