May 10, 2017 / 6:13 AM / 3 months ago

BRIEF-Paddy Power Betfair enters U.S fantasy sports market

1 Min Read

May 10 (Reuters) - Paddy Power Betfair Plc

* Announces entry into daily fantasy sports market in United States with acquisition of an early-stage operator, DRAFT

* Initial cash consideration paid on completion was $19 million, further cash consideration of up to $29 million payable over next four years

* To maximise growth opportunity, substantial marketing investment is envisaged in next few years, with an EBITDA loss of approximately $20 million forecast in 2017 Source text for Eikon: Further company coverage: (Reporting By Padraic Halpin)

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