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New research report indicates that Paddy Power Betfair profits from it’s US division could reach $600m (€532m) in a few years. However, it is highly dependable on more states legalizing sports betting.
So far seven US states had legalized sports betting, with more expected to follow this trend in the near future.
Recent estimates indicate that the US sports betting market in 2023 could be worth between $4.7bn and $8.5bn (€4.1bn and €7.5bn). It’s expected that it should grow at least by 10 times the size of the New Jersey market, which is currently worth about $600m.
“We caution that the key driver of the US opportunity will be the pace of market regulation.”, noted Davy Stockbrokers, the largest Irish stockbroker. “However, it is also clear that it ultimately the market will be bigger than ‘just’ $6bn over time,” added in their report.
Last year Paddy Power Betfair merged it’s US business with American company FanDuel. After taking a 61% per cent stake and receiving access to eight million customers, European company spent €110m on sales and marketing activities in the new market.
