DAILY fantasy sports business FanDuel has used its intellectual property assets to raise a fresh round of debt finance as it waits for its takeover by Paddy Power Betfair to complete.

The firm, which was founded in Edinburgh almost a decade ago, has put up one UK, two European and four US trademarks as security for a loan package that has been put together by administrative agent Omega Advisors. It is understood that Omega has syndicated the debt.

Read more: FanDuel bought by Paddy Power Betfair

In addition to marks bearing the name FanDuel and the business’s shield logo, the firm’s Sportsrich and Turbo trademarks form part of the deal.

Sportsrich is a term FanDuel uses in its US advertising campaigns while Turbo is a fantasy sports game based on live sports.

It is not known how much FanDuel has raised from the deal and the firm declined to comment on whether it forms part of the $76 million of net debt that Paddy Power Betfair has committed to paying off as part of its acquisition of the business.

In an announcement to the London Stock Exchange this week Paddy Power Betfair said it would contribute its own US assets as well as $158m in cash for FanDuel, whose main private equity backers will retain a 39 per cent shareholding in the firm that will be gradually sold down over the next five years.

Read more: FanDuel founders to become business angels when firm sells

It said the cash “will be used to pay down existing FanDuel debt and fund working capital”.

As the deal is not expected to complete until the third quarter of this year it is thought that FanDuel, which made a pre-tax loss of $44m on turnover of $124m in 2017, has taken on additional debt to fund its working capital needs in the interim period.