London-based Paddy Power Betfair (PPB) recently purchased a controlling stake in the daily fantasy sports (DFS) company FanDuel. Following the integration, the company didn’t waste any time and has already signed a deal with Boyd Gaming Corp (BGC) that would see PPB break into the online casino and sports betting markets in the US.
Through the new partnership, FanDuel’s online gaming products and sportsbook will have access to the states where BGC currently has a gaming license, except for Nevada. Also covered are states in which BGC and MGM Resorts have worked a deal for market access. This deal is highlighted by the recent partnership between MGM and the National Basketball Association (NBA), and a separate partnership between MGM and British online sports betting company GVC Holdings.
BGC will be able to use FanDuel’s DFS technology for its own branded online, as well as mobile, sports gaming and betting operations. Additionally, the company will acquire a 4% stake in FanDuel with the option to acquire another 1% in the future.
Keith Smith, BGC CEO, said of the deal, “Through this partnership, Boyd Gaming and FanDuel Group will be in excellent position to successfully capitalize as sports betting and online gaming expand across the country. By joining forces with FanDuel’s nationally known brand, as well as their considerable technical expertise and resources, we will be positioned to build market-leading sports-betting and online gaming operations in each state as they move forward with these new forms of entertainment. We will also see immediate benefits from our cross-marketing agreement with FanDuel, introducing millions of FanDuel customers to Boyd Gaming’s properties nationwide.”
FanDuel CEO Matt King added, “With more than 40 years of experience, Boyd Gaming is a leader in the gaming and entertainment space, and a natural partner as we continue to build a leading position in the sports betting market. There is incredible momentum in the sports betting space and we look forward to partnering with Boyd Gaming to bring the FanDuel Sportsbook to more customers across the United States.”
Taking into account market access partnerships that were already established in West Virginia, New Jersey and New York, 15 states across the United States now have access to the FanDuel site.