let the games begin: FanDuel's Grand Entrance into Sports Betting
FanDuel Purchased by Paddy Power, Resulting in Establishment of 'FanDuel Group'
Get ready for the weekend's shindig at The FanDuel Sportsbook, set to launch at The Meadowlands in New Jersey. And guess what? The big day coincides with Paddy Power Betfair (PPB) and FanDuel officially sealing the deal on their much-awaited merger. The new kid on the block will go by FanDuel Group, they proudly announced.
With the Meadowlands deal, FanDuel dips its toes into Nevada-style, single-team sport betting. Known primarily as the number two player in the Daily Fantasy Sports (DFS) world, trailing only DraftKings, FanDuel aims to create a tidal wave in the gaming industry.
The union of PPB and FanDuel is claimed to establish the leading online sports destination in the States. Alongside the Meadowlands, FanDuel will also manage New Jersey's mobile sports betting operations once regulators give their stamp of approval to their app and online platform.
FanDuel Sportsbook Breaks Ground at Meadowlands Racetrack: Merger Complete, Company Expands
PPB, under the umbrella of Betfair US and the FanDuel brand, is set to open shop at Tioga Downs in New York once local legislation gets the green light. New York might just be the next big battleground for FanDuel, as there's a chance that Tioga Downs and three other commercial casinos can dive into sports betting based on a 2013 law. State regulators are working on rules to give these casinos the go-ahead, but no official decisions have been made yet.
The Meadowlands and Tioga Downs are owned by Jeff Gural. The Meadowlands, located near New York City, primarily operates as a racetrack, while Tioga Downs has a casino element.
In addition to the Meadowlands and Tioga Downs, FanDuel has teamed up with The Greenbrier Resort in West Virginia to offer sports betting services, expected to launch in late August or early September.
At the helm of the new company is FanDuel CEO Matt King, who will serve as CEO of the merged entity and Betfair US. Kip Levin moves up to President and COO, and continues in his role as CEO of TVG, a horseracing television network with about 45 million subscribers. Paul Rushton, previously Commercial Finance Director of Paddy Power Betfair, becomes the CFO of FanDuel Group.
The newly combined business covers a market in 45 states, caters to 8 million customers, and boasts an impressive annual revenue of $265 million. As of now, the company is keeping operations running at DRAFT, the third-ranking DFS company that PPB acquired in May 2017.
By 2025, the parent company, now known as Flutter Entertainment, becomes a global gaming powerhouse with a whopping market cap exceeding £24 billion[1][2][5]. The company's game plan is clear: dominate the iGaming sector by leveraging its multi-brand portfolio and hybrid digital-physical operations[1].
[Also See: What to Expect at the Meadowlands' FanDuel Sportsbook Launch]
- The merge of Paddy Power Betfair (PPB) and FanDuel will create a new entity, FanDuel Group, aiming to become the leading online sports destination in the States.
- FanDuel Group, under the leadership of Matt King, is expanding its sports betting operations, with the launch of FanDuel Sportsbook at The Meadowlands Racetrack and planned opening at Tioga Downs in New York.
- With the merger, FanDuel Group is taking a significant risk, venturing into Nevada-style, single-team sport betting, while leveraging technology to maintain its presence in the Daily Fantasy Sports (DFS) world and expand into the iGaming sector.
