SBC News Voice of the Sports Betting Industry
New York and Edinburgh based fantasy sports platform FanDuel Inc, has raised $70 million (£42.80 million) in its latest venture funding round.
The Edinburgh founded fantasy sports game has received the majority of its latest backing from entertainment and media investment specialists Shamrock Capital. Prior to the funding round, FanDuel inc had raised $18 million (11.05 million) in investment from multiple venture finance sources.
FanDuel hosts online fantasy sports games, where players put up as little as $1 to act as managers of a sports team, FanDuel rewards players daily with cash prizes, and users can participate in leagues and competition on the majority of popular sporting events.
FanDuel was founded by Scottish husband and wife team Nigel and Lesley Eccles. The fast growing start-up employs over 80 working staff, and has offices in Edinburgh and New York.
“We are big believers in the value of sports, [its] share of the consumer wallet,” said Mike LaSalle, partner at Shamrock Capital Advisors. “Fantasy sports is so important to the teams and the leagues. It produces engagement, and it’s where consumers spend a lot of their time.”
La Salle confirmed that FanDuel would be looking to bolster its position as the leading fantasy sports trading platform, the investment sum would be used to increase FanDuel’s brand and coverage as the fantasy sports betting market increases in competition
This week saw the announcement that fantasy sports competitor DraftKings, had received $41 million (£25.10 million) in venture financing
