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Paddy Power Betfair and Fanduel to merge in U.S.

Published 05/23/2018, 12:59 PM
Updated 05/23/2018, 12:59 PM
© Reuters.  Paddy Power Betfair and Fanduel to merge in U.S.
  • Paddy Power Betfair (OTCPK:PDYPY, OTC:PDYPF) and FanDuel (DUEL) announce that they are merging their U.S. businesses.
  • The companies says that the transaction combines FanDuel’s technology brand, and large user base with Betfair U.S.’s existing TVG horseracing betting network and media business - along with its online casino business in New Jersey.
  • The merged entity will invest in developing new products for consumers, an expanded workforce, and other growth opportunities.
  • "FanDuel and Betfair US share an enthusiasm for innovation and, as a result of today's announcement, are prepared to lead the charge into the US sports betting market," says Fanduel CEO Matt King.
  • The transaction is expected to close in Q3.
  • Financial terms weren't disclosed.
  • Source: Press Release
  • Now read: Dropbox - I Need A Big Drop Before Getting Appealed


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