Daily fantasy sports operator FanDuel says it raised $275M and is now valued at more than $1B

Associated Press

FanDuel, a company that offers one-day fantasy sports leagues, says it closed a $275 million round of financing that values the company at more than $1 billion.

The investors include the investment firm KKR, Google Capital, and funds connected to broadcasters Turner Sports, NBC Sports, Time Warner and Comcast. FanDuel Inc. says it has raised $363 million in total.

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Along with competitor DraftKings, FanDuel is part of a new generation of fantasy sports leagues that let players create teams daily instead of having to check in on their team throughout an entire season. Players can also win cash prizes. FanDuel became the NBA's official one-day fantasy game in November and it also has deals with individual NBA and NFL teams. It offers one-day options for pro and college sports and public and private leagues.

The New York company says it has more than one million paying users, and that paid active users have quadrupled compared with this time last year.

Yahoo Inc. entered the daily fantasy sports market earlier this month with Yahoo Sports Daily Fantasy. It said the number of fantasy sports players rose 40 percent to 56 million users in the U.S. and Canada over the past year.