Paddy Power Betfair CEO hails major opportunity for Draft
Breon Corcoran also sets sights on season-long fantasy market of 60 million users
Paddy Power Betfair CEO Breon Corcoran has hailed the “interesting opportunities” for his firm’s recently-acquired DFS business, Draft, in the face of the “Bloomberg terminal” style of DFS offered by rivals.
Speaking with investors after the firm’s H1 earnings, Corcoran praised the Draft team, having visited them in the US last week.
“The product capabilities of that team, having sat down with them, is something we couldn’t have organically built out,” Corcoran said. “We believe their mobile-led offer is uniquely positioned to target recreational players.
“If you look at DraftKings and FanDuel, it’s the Bloomberg terminal approach to DFS. The salary cap model requires real analysis and research whereas our model is differentiated. Its much easier, much more intuitive and give players a better chance of winning.”
Corcoran also pointed to the $300m revenues generated by DFS operators in 2016, adding: “We think this is only the beginning of the opportunity.
“Ultimately we think we can go after the season-long fantasy market [of 60 million players] with the season-long best ball contests we launched recently.”
PPB purchased the full assets of Draft back in May, and left the existing management team in place to continue to run the business.
Corcoran’s comments came after PPB’s H1 results which saw revenues from its US operations climb 11% to £55m.
TVG revenues were up 6% while the Betfair New Jersey business also saw “strong revenue growth, and is now operating at breakeven EBITDA.