Paddy Power Betfair confirms FanDuel merger for US expansion

Paddy Power Betfair and FanDuel have confirmed the creation of a new operator to the US market, merging its Betfair US brand with renowned daily fantasy sports operator FanDuel.

The combination enriches the potential online betting experience in the US, and creates the largest online sports destination in the country, with a range of products and experiences for all sports fans.

FanDuel CEO Matt King, who will serve as CEO of FanDuel Group commented: “This is a pivotal time for the sports world in general, and we are poised to build upon our individual successes and join forces to build the best fan experience in the sports industry.”

This confirmation comes after Betfair US announcing a long-term agreement to provide online, mobile, and retail sports betting products at Meadowlands Racetrack in New Jersey and, subject to legislation, Tioga Downs in New York. FanDuel Group will launch its first FanDuel-branded retail sportsbook at the Meadowlands Racetrack in coming weeks. FanDuel also partnered with The Greenbrier Resort in West Virginia to provide sports betting services earlier this month.

The new company will operate as FanDuel Group, and will consist of a number of industry-leading brands including FanDuel, TVG Network, Betfair Casino, and DRAFT. TVG, the top online horseracing wagering business in the US, will play a key role in the combined business as it leverages the FanDuel brand’s broad reach to bring a whole new generation of fans to racing. TVG is the only dedicated US horseracing television network consisting of two channels, TVG and TVG2, which are broadcast daily into over 45 million homes.

The combined business will have a presence across 45 states, 8 million customers, and $265 million in annual revenue making it a leader across daily fantasy sports, horseracing wagering, and gaming ahead of the opening up of US sports betting.