(PRESS RELEASE) — Paddy Power Betfair and FanDuel confirmed today that they have closed their previously announced merger, combining Paddy Power Betfair’s U.S. 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 U.S. and FanDuel and brings together the brilliant talent, technological expertise and shared resources to capture the U.S. 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 U.S. 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 U.S. CEO Kip Levin will become President and COO and remain in his role as CEO of TVG, where he will oversee the horse racing 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 horse racing 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 U.S. horse racing 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, horse racing wagering and gaming ahead of the opening up of U.S. sports betting.