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Paddy Power Betfair Enters the Fantasy Draft Market

by ThePOGG - May 13, 2017

Irish company Paddy Power Betfair have spent £14 million to buy out a fledgling start-up company.

Draft are a US based company that used the popularity of fantasy team building to help create a new market in sports betting.

Draft will continue to be run by its current chief executives, who will now have access to Paddy Power’s more advanced technology and extensive advertising departments. In return Paddy Power will expand their operations in the US and claim a piece of the ever-expanding fantasy sports market.

Paddy Power has stated that they expect to make an initial loss as they look to spend big on advertising their new product in the US. However, the company are likely to see this investment as money well spent as the popularity of fantasy team building increases.

New Chief Operating Officer at The Gambling Commission David Pemberton has been announced as the new Chief Operating Officer at the Gambling Commission. This role will see Pemberton take charge of services that include IT, finance and HR. Pemberton’s post will commence from June of this year and will see him leave his directing position at Business in the Community.