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FanDuel looks to raise $100 million
Wednesday February 18,2015 : DAILY FANTASY SPORTS PROVIDER PLANS TO RAISE MORE CAPITAL
FanDuel looks to raise $100 million to boost marketing and player acquisition.
Unconfirmed reports from the business publication Fortune this week claim that one of the leaders in the daily fantasy sports sector, FanDuel, is considering a fresh round of financing through a sale of shares in order to raise at least $100 million.
The new capital will be devoted to marketing and player acquisition to cement the company's leadership in the sector prior to an IPO in 2016, sources claim.
FanDuel claims it has paid out an average of $10 million in winnings per day. The company offers one-day or - in the case of football - one-week fantasy contests as opposed to the season long commitments previously offered by big name firms like ESPN, Yahoo and CBS Sports.
The first ever DFS conference is scheduled for Miami Beach the first week in August.
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The threat that amendments to the federal Australian Interactive Gaming Act aimed at stopping in-play action could spill over into an online poker ban has motivated Aussie players to form an action group in support of the game.
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