Paddy Power Betfair and FanDuel Successfully Complete Merger of US Businesses
LONDON & NEW YORK--(BUSINESS WIRE)--Jul 11, 2018--Paddy Power Betfair (LON:PPB) and FanDuel confirmed today that they have closed their previously announced merger, combining Paddy Power Betfair’s US businesses with FanDuel. The combination creates the largest online sports destination in the United States, with a range of products and experiences for all sports fans.
The new company embodies the strengths of TVG, Betfair US and FanDuel and brings together the brilliant talent, technological expertise, and shared resources to capture the US market opportunity in front of us,” said FanDuel CEO Matt King, who will serve as CEO of FanDuel Group. “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 announcement comes on the heels of 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.
FanDuel CEO Matt King will serve as CEO of the newly combined company and Betfair US CEO Kip Levin will become President and COO, and remain in his role as CEO of TVG where he will oversee the horseracing and television businesses. Paul Rushton, currently Commercial Finance Director of Paddy Power Betfair, will become the CFO of FanDuel Group.
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.
For exclusive updates on upcoming products and announcements, please visit www.fanduel.com/sportsbook.
About FanDuel Group
FanDuel Group is an innovative sports-tech entertainment company and the premier sports gaming destination, committed to changing the way consumers engage with their favorite sports, teams, and leagues worldwide. The company consists of a portfolio of leading brands across gaming, daily fantasy sports, advance-deposit wagering, and TV/media, including FanDuel, Betfair US, DRAFT and TVG. FanDuel Group has a presence across 45 states and 8 million customers. The company is based in New York with offices in California, New Jersey, Florida, Oregon, and Scotland.
About Paddy Power Betfair
Paddy Power Betfair plc is one of the leading sports betting and gaming groups in the world. The business has four divisions: Online, which runs two of Europe’s leading online sports betting and gaming brands, Paddy Power and Betfair, as well as a telephone based sportsbook and a number of B2B partnerships, Australia, consisting of Sportsbet, the market leader in the fast-growing Australian online betting market, US, which combines TVG, America’s leading horseracing TV and wagering network, Betfair Casino, an online casino in New Jersey, the Betfair New Jersey Exchange and DRAFT, an early-stage operator in daily fantasy sports, and Retail, which operates 623 Paddy Power betting shops across the UK and Ireland.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180711005437/en/
Emily Bass, 703-203-6113
Paddy Power Betfair
James Midmer, +44 20 8834 6843 or +353 1 903 9106
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PUB: 07/11/2018 08:15 AM/DISC: 07/11/2018 08:15 AM