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FanDuel is building a business in the United States
Monday, May 7,2012 : BRIT ONLINE FANTASY SPORTS COMPANY EXPANDING (Update)
From humble beginnings in Edinburgh, FanDuel is building a business in the United States
Around 40 percent of American men aged between 18 to 35 play fantasy football, says Nigel Eccles of Scots company FanDuel, making the sector an attractive target for companies with the right expertise and content. FenDuel clearly has both, doubling its staff in Edinburgh this year and opening an 8-person US office to handle increased business.
FanDuel offers a fantasy sports game that allows online betting but is exempt from the United States’ strict online gambling laws because it is classified as a game of skill, not of chance. Sports covered by the website include American football, baseball, basketball and ice hockey.
Eccles, who is a co-founder of the business says the competition is stiff, but the company raised $1.3 million last month from existing investors that include Pentech Ventures and Piton Capital, and will bring in further funding this year to finance expansion in the US.
Eccles told The Scotsman newspaper this weekend: “In the UK [fantasy sports] is niche, but in the US around 40 percent of men between the ages of 18 to 35 play fantasy football.”
The original concept for the company, first launched in 2008 branded HubDub, was to facilitate proposition bets on the outcome of news stories, but the fantasy sports element added under the FanDuel title in 2010 soon outpaced other company activity. FanDuel takes a 10 percent cut of entry fees, which range from $1 to $500 per player.
The company is now looking for larger premises in Edinburgh and pays out around $830,000 to winners each week
The Scotsman quotes Eccles on the size and potential of the US market:
“There are 30 million fantasy sports players in the US. We have converted a tiny fraction of that. Our vision is that this is the future of fantasy sports. Our users are in their 20s, while traditional players are now in their 40s. In ten years’ time, this will be the dominant way of playing fantasy sports.”
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
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Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
Fair Play Bets and QuickFire in Deal -
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Cavaliers Aim to Take Down Wizards on 2/22/18 -
The Cleveland Cavaliers have looked like a different team since making their moves at the trade deadline. The Washington Wizards are up next for the Cavaliers, who will be at home after the All-Star break.
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