“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 US 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,” King added.
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. The company 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 US 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 combined business will have a presence across 45 states, 8 million customers, and US$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.