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FanDuel files $120 Million with Paddy Power Betfair

by Glenn Baird - August 17, 2018

The Joint founders of fantasy sports betting firm, FanDuel are filing a lawsuit against the majority shareholders of the company for a reported $120 million.

Nigel and Lesley Eccles, Thomas Griffiths and Rob Jones, 4 of the 5 original founders of FanDuel are taking Paddy Power Betfair to court after failing to see any profit since the $465 million takeover of the company back in May of this year.

At the time of the sale, Matt King, CEO of FanDuel said: “We are excited to bring these two great businesses together. The combination of brands and team, along with a shared culture and ¬vision for the future, creates the leading gaming destination for US sports fans.”

Unfortunately for Eccles and co a “waterfall” arrangement and undervaluing the company at $465 million means that they will receive nothing. This comes as Matt King is set to make millions.

Their argument is that FanDuel was undervalued to purposefully ensure that the those selling the business could make no money from it. The lawsuit will argue that the founders of the company have lost out on $120 million. They are also looking to purchase ordinary shares in FanDuel at market value.

The deciding factor in the lawsuit will be FanDuel’s decision not to reassess the value of the company after the repeal of the PASPA, which legalised individual state regulation over sports betting in the US.

The United Kingdom of Great Britain and Northern Ireland sits to the north-west of mainland Europe. The United Kingdom shares a border with The Republic of Ireland and has coasts on the Atlantic Ocean, Celtic Sea, North Sea, Irish Sea and English Channel. The population of the UK is approaching the 67.6 million mark leading to a fairly densely populated land mass. The gambling sector in the United Kingdom is entirely regulated and licensed by the UKGC – the United Kingdom Gambling Commission. Should players resident In the UK wish to gamble with foreign based operators there is no history of this being treated as a criminal offence, but high levels of protection exist for UK residents playing with UK licensed operators.

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