Dermot Desmond sees potential in emerging fantasy sports business
New York-based Star Fantasy Leagues has attracted over $ 2 Million in investment from International Investment and Underwriting (IIU), a private equity firm founded by Dermot Desmond.
Desmond is the founder of the Global Betting Exchange, sold to Ladbrokes last year.
"We're excited to be working with excellent partners that share our vision for the future," said Zach Stanley, chief executive officer of Star Fantasy Leagues. "We're looking forward to accomplishing great things together as the fantasy sports market continues to grow."
Star Fantasy Leagues described the IIU investment as "significant", exceeding the $ 2 Million already invested in the business by the Star Fantasy Leagues founders.
"Daily Fantasy Sports is a hugely exciting and rapidly growing area," said Dermot Desmond. "With Star Fantasy Leagues we have partnered with a company that has best-in-class technology and has the industry leading compliance infrastructure, built by a very talented team. They are uniquely placed to help lead and shape the emerging daily fantasy sports industry and we are very excited to be a part of that journey."
Star Fantasy Leagues was founded and is owned by brothers Zach and Justin Stanley who started the fantasy sports business with capital inherited from their late father and grandfather.
The company offers skill based fantasy sports games online for real money. Customers can play traditional fantasy sports contests that span an entire season or they can enter one-day fantasy contests with immediate payouts that condense a traditional sports season into a single day.
The group also offers a turnkey entry into the fantasy sports market through licensing of its technology.
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