Paddy Power Betfair and FanDuel Complete Merger of US Businesses
Paddy Power Betfair 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.
Paddy Power Betfair and FanDuel Successfully Complete Merger of US Businesses
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.