FanDuel and Paddy Power Betfair Complete Their Merger
In May, Paddy Power Betfair announced that they would be acquiring FanDuel and creating a new giant within the American sports betting and daily fantasy sports markets. On July 11th, that merger was finalized and it has created quite the buzz. According to a press release by PPB and FanDuel, this new company will be called the FanDuel Group and it’s currently the “largest online sports destination” in America.
FanDuel CEO Matt King made the following comments about this new company via the press release:
“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.”
King will now transition into the role of CEO for the FanDuel Group. Betfair US CEO Kip Levin will become the President and COO of Fanduel Group, while also remaining as the CEO of TVG. PPB’s Commercial Finance Director Paul Rushton will hold that same position with the FanDuel Group.
Right off the bat, the FanDuel Group will have an impressive portfolio, which includes the following:
FanDuel – one of the largest DFS companies in the world with millions of subscribers.
TVG Network – the only American TV network that is dedicated exclusively to horseracing. It consists of two channels (TVG and TVG2) and is broadcast to over 45 million U.S. homes.
Betfair US – this is the American arm of Paddy Power Betfair.
DRAFT – an exciting fantasy app that allows users to draft players in their favorite sports all season long.
What Does This Mean for FanDuel Subscribers?
For those diehard DFS players, don’t worry because nothing is going to change for the worse with FanDuel. In fact, it’s only going to get better. The company released the following statements about what’s next for the DFS platform:
“Beginning today, we will be one company: FanDuel Group featuring a number of brands you love including FanDuel, TVG Network, Betfair Casino, and DRAFT. What does this mean for you? You will not see any changes to FanDuel for the time being. You will still have access to all of the contests and games you have grown to love and we look forward to bringing you new games, features, and a host of sports betting products for this NFL season.”
This is great news for those of us who love playing daily fantasy sports through FanDuel. They’ve assured us that none of the features and contests that we love will change, but that things will only get better as the incorporate new technology and sports betting.
Key Moves Already Made by the FanDuel Group
Although the FanDuel Group’s inception wasn’t until July 11th, the company has already made significant moves in the gambling and sports betting marketplace:
During the first week of June, the FanDuel Group struck a deal with Jeff Gural who owns the Meadowlands Race Track in New Jersey and Tioga Downs in New York. The Meadowlands Racetrack will have a sports book opening up within the week and it’s expected to be called the FanDuel Sportsbook. This confirms what PPB announced last month that they will use FanDuel as their brand name in America. b
FanDuel also struck a deal with The Greenbrier hotel and casino in West Virginia last month. The current West Virginia Governor is the owner of this establishment, which holds an annual PGA Tour event and the Houston Texans’ training camp.
What’s Next for FDG?
The combined business of the companies within this group’s portfolio spans across 45 states and has over 8 million customers. I expect the FanDuel Group to continue building this brand as they increase their presence in the DFS market and expand their presence within the sports betting industry. I believe that the FDG has the firepower now to compete and possibly overtake DraftKings. Additionally, look for the FanDuel Group to continue fostering partnerships with hotels and casinos throughout each state that legalizes sports betting. You have to believe that this company has the advantage over its competitors like DraftKings and Bet365.
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