Breon Corcoran CEO of Paddy Power Betfair (PPB) is unafraid of expanding his firm’s presence and services within the US betting/gambling market, as European competition intensifies.
Speaking to investors at PPB’s AGM, Corcoran makes his statement as FTSE100 PPB adds mobile US DFS operator DRAFT to its US market assets, having last week acquired the company for a total consideration of $48 million.
The operator is one of the few European betting firms to have a licensed presence in the US, operating California-based horseracing network Betfair TVG and its New Jersey online casino property BetfairCasino NJ.
Adding DRAFT to its US product stable, PPB governance is prepared to significantly fund its mobile DFS asset which will compete against established US fantasy sports market leaders FanDuel and DraftKings, who are currently undergoing a combined merger.
As leader of PPB, Corcoran informs investors that European competition has now reached an ‘extreme level’, as his firm competes against an aggressive merged field of competitors, which have driven up market prices outright. Seeking fresher grounds, PPB governance may look west in order to grow its business and services.
“I think that market has yet to open up properly. I would hope we could do more there, it’s a question of legislation and opportunity. There is a lot of appetite to do more if the right thing comes up at the right price” Corcoran detailed.