Paddy Power Betfair acquires US daily fantasy operator DRAFT

Irish bookmaker Paddy Power Betfair is set to test the U.S. daily fantasy sports market – dominated by fantasy sports giants DraftKings and FanDuel – with the acquisition of a mobile-led product.

Paddy Power announced in a regulatory filing on Wednesday that it acquired an early-stage operator, DRAFT for an initial cash consideration of $19 million.

The fantasy league game, which targets casual players, boasts a mobile-first approach and emphasizes modest stakes. It has raised $4.5 million in venture backing since its founding in 2015, and has 10 employees.

It said the business would continue to be run by co-CEOs Jeremy Levine and Jordan Fliegel and would now have access to the group’s marketing and technology capabilities.

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