You can price risk, but not uncertainty.

Fan Base

Paddy Power Betfair has reached an agreement to combine its US business with FanDuel, the leading US daily fantasy sports operator. The company believes that the deal will allow it to better exploit opportunities in the prospective US sports betting market through the addition of a large existing customer base. FanDuel has over 40% market share of the US daily fantasy sports market, with 7m registered customers across 40 states. In 2017, it had revenue of $124m and 1.3m active customers. Under the terms of the agreement Paddy Power Betfair will contribute its existing US assets1 along with $158m of cash. This cash contribution will be used to pay down existing FanDuel debt (net debt of $76m at 31 March 2018) and fund working capital of the combined business. Upon completion of the transaction, Paddy Power Betfair will own 61% of the combined business, with existing FanDuel investors owning 39%, with a mechanism in place to allow Paddy Power Betfair take the Group's ownership of the business to 80% after three years and 100% after 5 years. The market has of course reacted positively to the news, nonetheless, regardless of the impression created, it represents a highly speculative gamble on the full liberalisation of the U.S. betting market. Moreover, it is a move that essentially discounts the entrance into a fully liberalised U.S. betting market of the likes of Facebook, Yahoo and Google, all of whom are believed to have plans in development. First mover disadvantage.

Pretty Polly Stakes (Winners).

The Road to Epsom

Epsom Derby 2018: Will Roaring Lion Stay?

Horse Sire Dam's Sire Max Dist (Won) Stamina Dam Side
Hawkbill Kitten's JoyGiant's Causeway 12F9.6F
Marzocco Kitten's Joy Dynaformer 16F11.7f
Isharah Kitten's Joy Kingmambo 12F9.9f
Pay Day Kitten Kitten's Joy Devil His Due 12FN/A
Cross Step Kitten's Joy Arch 11.5f9.1f
A Shin Kildare Kitten's Joy With Approval 12f9.9f
Roaring Lion Kitten's Joy Street Sense10.5f9.9f

Source: N=All 15/03/2018.