FanDuel Acquisition, Valuation, Funding & Investors
FanDuel was acquired by Flutter Entertainment for $558M in December 2020, a 4.7x multiple on $119M of revenue.
FanDuel revenue at acquisition
$119M
Last twelve months · Dec 2020
FanDuel revenue multiple at acquisition
4.7x
EV/Revenue · Dec 2020
Cumulative funding FanDuel raised
$411M
across 4 funding rounds
About FanDuel
FanDuel is a New York-headquartered fantasy sports provider founded in 2009 that dominates daily contests for NFL, MLB, NBA, and NHL leagues. Players form teams for head-to-head or multi-entry tournaments with cash prizes available throughout the season.
Founded
2007
HQ
New York City, NYWebsite
Status
Acquired
Customer focus
B2C
Revenue model
Commission
Revenue
$119M (Dec 2020)
Valuation
$1B (Jul 2015)
FanDuel Acquisition
FanDuel was acquired by Flutter Entertainment for $558M on 3 December 2020.
The acquisition price implies a 4.7x revenue multiple on $119M of revenue.
Before the acquisition FanDuel had raised $411M across 4 funding rounds.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 3 Dec 2020 | Strategic M&A | $558M | 4.7x |
FanDuel Valuation
FanDuel is currently valued at $1B, based on its Series E in July 2015.
The $275M round was led by KKR.
FanDuel valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2015 | Series E | $1B |
FanDuel Funding History
FanDuel has raised a total of $411M across 4 funding rounds.
FanDuel's first fundraising round was a $11M Series C in January 2013. The most recent completed round was a $55M undisclosed-stage round in September 2016.
FanDuel funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2016 | Undisclosed stage | Comcast; NBCUniversal; Alphabet | $55M | - | FanDuel, a US-based daily fantasy sports platform, raised approximately $55 million in an undisclosed series round (listed as 'U') on September 14 or 15, 2016, as part of its total funding of around $416-420 million across seven rounds. This round matches the investors Alphabet, Comcast, and NBCUniversal, with Comcast Ventures having participated in prior rounds like the $11 million Series C in 2011 and $70 million Series D in 2014 led by Shamrock Capital, which also included NBC Sports Ventures. Earlier rounds included a $275 million Series E in 2015 led by Alphabet's CapitalG, achieving unicorn status with a $1 billion valuation at that time. The 2016 round contributed to FanDuel's growth in the fantasy sports and entertainment sector, amid competition and regulatory scrutiny in daily fantasy sports. Investors like Time Warner Investments and others supported multiple rounds. FanDuel later merged with Paddy Power Betfair's US assets in 2018, where PPB took a 61% stake by contributing $158 million cash and assets valued at $612 million, but this post-dates the 2016 round. |
| Jul 2015 | Series E | KKR (lead) | $275M | $1B | FanDuel, a fantasy sports platform offering one-day games for NFL, NBA, MLB, NHL, and college sports, raised a $275 million oversubscribed Series E round on July 14, 2015, led by KKR with participation from Google Capital, Time Warner Investments, Turner Sports, NFL and NBA team owners, and prior investors including Shamrock Capital, NBC Sports Ventures, Comcast Ventures, Bullpen Capital, Pentech Ventures, and Piton Capital. This brought total funding to $363 million and valued the company at over $1 billion, earning it unicorn status. Headquartered in New York City after spinning out from Scotland's HubDub in 2010, FanDuel targets the U.S. and Canada markets exclusively. The new capital is earmarked for boosting customer acquisition efforts, accelerating new products, features, growth initiatives, and expanding the management team, with plans potentially leading to an IPO. FanDuel claims industry-leading status and has partnerships as the official fantasy sports partner of the NBA, plus deals with NFL and NBA teams. It reported 300% year-over-year growth in paid active users around this time and recently hired a 40-strong development team for sports and mobile gaming. This Series E followed a $70 million Series D in September 2014 led by Shamrock Capital, involving some overlapping investors like KKR and Comcast Ventures, which had previously led a $11 million Series C in 2011. The company originated as a sports prediction startup from Edinburgh University. |
| Sep 2014 | Series D | Shamrock Capital Advisors (lead); KKR; NBC Sports Ventures; Pentech Ventures; Bullpen Capital; Comcast Ventures; Piton Capital; Karlani Capital; Scottish Investment Bank | $70M | - | FanDuel, a daily fantasy sports platform, closed a $70 million Series D funding round led by Shamrock Capital Advisors, with participation from NBC Sports Ventures, KKR, and existing investors. The round followed DraftKings' $41 million Series C, highlighting intense competition in the fantasy sports sector. FanDuel operated in a rapidly growing market for daily fantasy sports, competing directly with DraftKings amid regulatory scrutiny and expansion efforts. |
| Jan 2013 | Series C | Comcast Ventures (lead); Pentech Ventures; Bullpen Capital; Piton Capital; Scottish Investment Bank | $11M | - | FanDuel, a daily fantasy sports platform, closed an $11 million Series C funding round on January 30, 2013, led by Comcast Ventures with participation from Bullpen Capital, Pentech Ventures, Piton Capital, and Scottish Investment Bank. The round supported the company's growth in one-day fantasy sports contests across major leagues like NFL, NBA, MLB, and NHL. FanDuel enables users to form teams and compete for prizes based on real-game outcomes, positioning itself as a faster alternative to traditional season-long fantasy sports. Prior to this round, FanDuel had completed Series A ($1.2M) and Series B ($4M) financings. The Series C investment came ahead of larger later rounds, including a $70M Series D in September 2014 led by Shamrock Capital with Comcast Ventures, NBC Sports Ventures, Bullpen Capital, Pentech Ventures, and others. By 2015, FanDuel reached unicorn status with a $275M Series E round valuing it over $1B, backed by Google Capital, Time Warner, NBCUniversal, Comcast Ventures, and others. |
Who has invested in FanDuel?
12 investors have backed FanDuel across its funding rounds, including KKR, Comcast Ventures, Scottish Investment Bank, Bullpen Capital, Piton Capital and Pentech Ventures.
Lead investors include KKR, Shamrock Capital Advisors and Comcast Ventures.
FanDuel Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| New York City, NY | 2 | Lead | Sep 2014 | |
 Edinburgh | 2 | Participant | Jan 2013 | |
| San Francisco, CA | 2 | Participant | Jan 2013 | |
| San Francisco, CA | 2 | Lead | Jan 2013 | |
| London | 2 | Participant | Jan 2013 | |
| Glasgow | 2 | Participant | Jan 2013 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} NBC Sports Ventures | London | 1 | Participant | Sep 2014 |
| Philadelphia, PA | 1 | Participant | Sep 2016 | |
| New York City, NY | 1 | Participant | Sep 2014 | |
| New York City, NY | 1 | Participant | Sep 2016 | |
This data is available for Pro users. Sign up to see all 12 FanDuel investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by FanDuel
FanDuel has acquired 4 companies to date.
Last acquisition by FanDuel was on February 21st 2024. FanDuel acquired BeyondPlay for undisclosed valuation.
Latest Acquisitions by FanDuel
| Description | BeyondPlay is a fully remote European developer of real-money gaming solutions via beyondplay.io. The company supplies B2B multiplayer products transforming solo sessions into social experiences with bet pooling and interaction features. Jackpot management software adds customizable prizes to casinos, sportsbooks, and registration pages. Products hold certifications from MGA, UKGC, and SGE, with team members across UK, Poland, Malta, Spain, Portugal, and Bulgaria. | AlphaDraft is a San Francisco-headquartered daily fantasy sports platform focused on basketball and football contests. Backed by Melo7 Tech Partners and launched in 2014, it offers cash games, tournaments, and private leagues with NBA and NFL player props. AlphaDraft aggregates real-time stats and projections, operating legally in states like New Jersey and Colorado. | numberFire is a sports analytics provider owned by FanDuel. It applies statistical models to predict player performance and game outcomes in NBA, NFL, MLB, and other leagues. Data informs betting odds and fantasy sports decisions. | Kotikan is a Glasgow-based mobile application development agency known as Scotland's largest in its sector. The company builds native iOS and Android apps, along with cross-platform solutions using React Native and Flutter, for clients in retail, healthcare, and finance industries. Kotikan delivers full-cycle services from ideation and UI/UX design to deployment and maintenance, powering digital transformation for businesses across the UK and Europe. |
| HQ Country | | | | |
| HQ City | London | New York City, NY | New York City, NY | Edinburgh |
| Deal Date | 21 Feb 2024 | 24 Sep 2015 | 19 Aug 2015 | 20 Jul 2015 |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed |
| EV/Revenue | ||||
| EV/EBITDA | ||||
This data is available for Pro users. Sign up to see all FanDuel acquisitions and their M&A valuation multiples. Start Free Trial | ||||
FanDuel Competitors
FanDuel competitors include listed companies like Better Collective, Rank Group, Kambi Group and DigiPlus Interactive, and private ones like Zupee and Novig.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Denmark | Publicly listed | $388M | $100M | $693M | 2.4x | |
| United Kingdom | Publicly listed | $1.1B | $156M | $550M | 0.7x | |
 Gurgaon | Private | $43M | - | $600M | 14.0x | |
| New York City, NY | Private | - | - | $500M | - | |
 Malta | Publicly listed | $187M | $55M | $493M | 2.3x | |
 Philippines | Publicly listed | $1.3B | $223M | $659M | 0.4x |
FanDuel Public Comps
FanDuel is no longer listed, but its public comps include Rank Group, Jana Small Finance Bank, Grenke, eGuarantee, Nuveen Churchill Direct, Kambi Group, Velocity Financial, Aye Finance, Credit Corp and DigiPlus Interactive.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.1B | $156M | 0.7x | 0.7x | 4.8x | 4.1x | |||
| $350M | - | 2.3x | 1.9x | - | - | |||
| $1.1B | $218M | 5.3x | 7.3x | 27.3x | 41.2x | |||
| $71M | $34M | 6.2x | 6.1x | 13.2x | 12.4x | |||
| $180M | - | 9.1x | 8.8x | - | - | |||
| $187M | $55M | 2.5x | 2.3x | 8.4x | 7.1x | |||
| $312M | - | 22.8x | 23.9x | - | - | |||
| $168M | $42M | 5.2x | 5.9x | 21.1x | - | |||
This data is available for Pro users. Sign up to see all FanDuel competitors and their valuation data. Start Free Trial | ||||||||
Common questions about FanDuel
| When was FanDuel founded? | FanDuel was founded in 2007. |
| Where is FanDuel headquartered? | FanDuel is headquartered in New York City, NY, United States. |
| Is FanDuel publicly listed? | No, FanDuel was acquired by Flutter Entertainment in December 2020. |
| Who acquired FanDuel? | FanDuel was acquired by Flutter Entertainment in December 2020. |
| How much was FanDuel acquired for? | FanDuel was acquired for $558M in December 2020, a 4.7x revenue multiple. |
| What is FanDuel's valuation? | FanDuel was last valued at $1B in its Series E in July 2015. |
| How much funding has FanDuel raised? | FanDuel has raised $411M across 4 funding rounds. |
| What was FanDuel's last funding round? | FanDuel's last funding round was a $55M undisclosed-stage round in September 2016. |
| Who are FanDuel's investors? | FanDuel's investors include KKR, Pentech Ventures, Bullpen Capital, Comcast Ventures, Piton Capital, Scottish Investment Bank, NBC Sports Ventures, Comcast, Karlani Capital, NBCUniversal and 2 others. |
| Which companies are comparable to FanDuel? | Companies comparable to FanDuel include Better Collective, Rank Group, Zupee, Novig, Kambi Group and DigiPlus Interactive. |
| How many companies has FanDuel acquired? | FanDuel has acquired 4 companies, including BeyondPlay, AlphaDraft, numberFire and Kotikan. |
See companies similar to FanDuel
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.