Paddy Power Betfair, the parent company of TVG and Betfair U.S., has reached an agreement to combine its stateside business with FanDuel, a leading daily fantasy sports operator, it was announced Wednesday. According to Peter Jackson, CEO of Paddy Power Betfair, the transaction is designed to strengthen the opportunities of both entities to target the prospective U.S. sports betting market.
“We are excited to add FanDuel to the [Betfair] Group’s portfolio of leading sports brands,” Jackson said. “This combination creates the industry’s largest online business in the U.S., with a large sports-focused customer base and an extensive nationwide footprint.”
Upon the completion of the deal, Paddy Power Betfair will own 61% of the combined business, with existing FanDuel investors owning 39%. Paddy Power Betfair currently has a strong foothold in New Jersey–which is expected to begin hosting sports wagering in the coming weeks–through TVG and its Betfair Casino.