6th of May 2012 Author: Glo Wood
UK's FanDuel appreciated in the US
According to Nigel Eccles of the UK company FanDuel, around 40 percent of American men aged between 18 to 35 play fantasy football, which makes this country a rather lucrative market for companies such as FanDuel.
Namely, it seems like the company is doing fine lately, as it has recently doubled its staff in Edinburgh and opened an 8-person US office to handle increased business.
This fantasy sports game provider allows online betting, but unlike other types of online gambling, it is exempt from the United States' strict online gambling laws because it is classified as a game of skill, not of chance.
It currently includes sports such as American football, baseball, basketball and ice hockey.
It has been assessed by Eccles, who is a co-founder of the company, that despite the stiff competition, it has managed to raise $1.3 million last month from existing investors that include Pentech Ventures and Piton Capital. Furthermore, more funding will be raised this year to finance expansion in the US.
According to him, 'In the UK [fantasy sports] is niche, but in the US around 40 percent of men between the ages of 18 to 35 play fantasy football.
'There are 30 million fantasy sports players in the US. We have converted a tiny fraction of that. Our vision is that this is the future of fantasy sports. Our users are in their 20s, while traditional players are now in their 40s. In ten years' time, this will be the dominant way of playing fantasy sports.'
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