Paddy Power Betfair completes US merger with FanDuel
Paddy Power Betfair confirmed on Wednesday that the previously-announced combination of its US business with FanDuel, initially announced on 23 May, completed on 10 July.
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The FTSE 100 bookmaker said the new company would be called FanDuel Group, and would operate a portfolio of brands including FanDuel, TVG, Betfair Casino and DRAFT.
“The group owns 61% of FanDuel Group, with existing FanDuel investors owning 39%,” Paddy Power Betfair’s board explained in its short statement.