Paddy Power buys US firm for up to €44m

Paddy Power-Betfair has made what analysts have called a “modest” bet on the US market by acquiring New York-based specialist betting firm Draft for a potential total price of $48m (€44m).

The purchase marks the Dublin-headquartered betting services group’s first foray into the so-called fantasy sports market, where punters bet online on virtual sporting results.

The betting sub-genre, while active on this side of the Atlantic, is huge in the US and worth an estimated $300m.