y UK based betting operator PaddyPower Betfair announced its purchase of American DFS company Draft in a deal worth an estimated $48m.

Under the terms of the deal PaddyPower Betfair will pay an initial cash amount of $19m, with a further amount of $29m being paid over the next four years, based on the company's performance during that time.

Current Draft Co-Chief Executives Jeremy Levine and Jordan Fliegel will continue to run Draft, with the company having full access to PaddyPower Betfair’s marketing and technological expertise.

PaddyPower Betfair have confirmed that they will make a substantial marketing investment over the next few years to develop the business as the company looks to expand further into the US DFS market.

Chief Executive Breon Corcoran welcomed the acquisition, saying "We are excited to be bringing DRAFT into the group and to further increase our presence in the US.

“Draft has a differentiated product and we believe the business, with the support of our marketing and technology expertise, can take share in the fast-growing daily fantasy sports market.”