The merger between American daily fantasy sports brand FanDuel and British sports betting industry titan Paddy Power Betfair is officially complete now. The merger plan was announced two months ago. Paddy Power Betfair and FanDuel have officially now combined forces to create “the largest online sports destination in the United States.”
FanDuel and competitor DraftKings have insisted for years that their DFS offerings should not be defined as sports gambling, but since the Supreme Court’s reversal of PASPA, the companies have been less shy about entering this legal, regulated space. And FanDuel’s merger with Paddy Power Betfair is a massive leap forward on that front.
The merged company will be called FanDuel Group, with FanDuel CEO Matt King serving as CEO, an indication that all involved appreciate the established brand value of the FanDuel name.
And the timing could not be better. New Jersey Governor Phil Murphy signed legal sports betting in the state into law on June 11, meaning we are now at the end of the 30-day waiting period before online and mobile play can commence. Also, Betfair recently announced a long-term agreement to provide online, mobile, and retail sports betting products at Meadowlands Racetrack in NJ, and the FanDuel-branded sports book at Meadowlands opens this Saturday.
The FanDuel Group will be comprised of FanDuel, Betfair US, horse racing wagering brand and television network TVG, and DRAFT.
Source: njonlinegambling.com
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