Paddy Power Betfair confirms FanDuel merger
The companies agreed to create a new operator for the US market, to be called FanDuel Group.
US.- Paddy Power Betfair and FanDuel confirmed on Wednesday that they have completed their previously-announced merger, combining Paddy Power Betfair’s US businesses with FanDuel.
The merger creates the largest online sports operator in the United States, with a range of products and experiences for all sports fans. FanDuel CEO Matt King will serve as CEO of FanDuel Group 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.
King said that 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.”
“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,” he added.
The combined business will have a presence across 45 states, eight million customers and US$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.
