Fanduel Betfair Inc

Flutter Entertainment plc (formerly Paddy Power Betfair plc) is a bookmaking holding company created by the merger of Paddy Power and Betfair, and the later acquisition of The Stars Group. It is listed on the London Stock Exchange, and is a constituent of the FTSE 100 Index.

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It operates under various brands including Adjarabet, BetEasy,^[1][2][3]Betfair, FanDuel, Fox Bet, Full Tilt Poker, Paddy Power, PokerStars, Sky Bet, Sportsbet.com.au, Timeform and TVG Network.^[5]

History[edit]

Paddy Power and British rival Betfair agreed terms for a merger on 8 September 2015. The business is owned 52% by the former Paddy Power shareholders and 48% by the former Betfair shareholders.^[6] The merger was completed on 2 February 2016.^[7] On 5 April 2016, it was announced that 650 jobs in the United Kingdom and the Republic of Ireland would be lost at the company.^[8]

On 18 October 2016, the company paid out $1.1M to those who bet on Hillary Clinton in the presidential election in the United States, citing a certainty of Clinton's victory. Trump won.^[9] In May 2017, it acquired daily fantasy sports operator Draft.^[10] In August 2017, it was announced that Peter Jackson, CEO of Worldpay UK, would succeed Breon Corcoran as CEO of Paddy Power Betfair.^[11]

In March 2018, the company announced that it would be implementing an electronic self exclusion process through its in-shop app. The new system will replace the current paper based process, and will be implemented across the United Kingdom.^[12]

In May 2018, Paddy Power Betfair announced its intent to acquire FanDuel, one of the two leading daily fantasy sports operators in the United States. The deal was part of an effort to bolster the company's assets in the United States, following the overturning of a federal prohibition on sports betting.^[13] As part of the acquisition, the company paid $158 million and merged its existing operations in the United States into FanDuel to form FanDuel Group.^[14] It holds a 61% controlling stake, with the option to increase its stake to 80% after three years and 100% after five.^[15][16]

In October 2018, Paddy Power Betfair was fined £2.2 million by the Gambling Commission for failing to protect customers showing signs of problem gambling, and for failing to carry out adequate anti money-laundering checks.^[17]

In February 2019, the company announced the acquisition of a 51% controlling stake in adjarabet, a business operating in the Georgian gambling industry with an option to acquire the remaining 49% after three years.^[18]

On 6 March 2019, Paddy Power Betfair announced that it would rebrand as Flutter Entertainment, pending shareholder approval at the company’s annual general meeting in May. Flutter was originally the name of a betting exchange acquired by Betfair in December 2001. The company argued that the changing in name was meant to reflect the growing number of consumer brands in its portfolio.^[19]

On 2 October 2019, Flutter Entertainment announced its acquisition of Canadian gaming operator The Stars Group for US$6.95 billion, creating the world's largest online gambling company based on revenues. As part of the purchase, media company Fox Corporation (who held a minority stake in The Stars Group) took a 2.6% minority stake in Flutter Entertainment, and will have the option to acquire an 18.5% stake in FanDuel Group in July 2021.^[20][21][22] On 3 December 2020, Flutter announced that it would purchase an additional stake in FanDuel Group for $4.1 billion in a cash-and-stock deal, increasing its stake to 95%.^[23][22]

In January 2021, the company announced that it was intending to make its online sports betting available to at least a third of the US population by the end of the year.^[24]

Operations[edit]

The new business maintains separate brands in the United Kingdom, Ireland and Italy.^[6] It operates across four divisions; Online, Retail, Australia and the United States.^[25] The online division comprises Paddy Power and Betfair in the United Kingdom and Ireland. Betfair also operates an online betting exchange.^[5]

The retail division operates over six hundred betting shops in the United Kingdom and Ireland.^[26] In Australia, they own Sportsbet.^[27] The division in the United States includes FanDuel, Fox Bet (a partnership with Fox Corporation and its Fox Sports Media Group)^[28] and the TVG Network, which is a horse racing television channel and pari mutuel online betting network, which is active in thirty five states. In New Jersey, the company has an online casino and a horse racing betting exchange.^[29]

Sky Betting and Gaming, Paddy Power and Betfair are regulated in the United Kingdom by the Gambling Commission.^[30]

References[edit]

1. ^ ^abAllen, Brad. 'Matt Tripp to stand down as BetEasy CEO as Stars Group completes takeover'. EGR North America. Retrieved 6 December 2019.
2. ^ ^abStensholt, John (26 February 2018). 'Crown's $150m stake in CrownBet sold to Canada's The Stars Group'. Australian Financial Review. Retrieved 6 December 2019.
3. ^ ^ab'Crown Resorts agrees to $150m sale of CrownBet'. Gaming Intelligence. 25 April 2018. Retrieved 17 October 2018.
4. ^ ^abc'Preliminary Results 2020'(PDF). Flutter Entertainment. Retrieved 2 March 2021.
5. ^ ^abKate Palmer (4 May 2016). 'Paddy Power's Betfair merger pays off with £11m profit boost'. The Daily Telegraph. Retrieved 12 June 2017.
6. ^ ^ab'Paddy Power and Betfair merger agreed'. The Guardian. Retrieved 29 January 2016.
7. ^Michael Cogley (2 February 2016). 'Paddy Power Betfair begins trading after €8bn merger is completed'. Irish Independent. Retrieved 21 September 2018.
8. ^Bill Wilson (5 April 2016). 'Paddy Power Betfair to cut 650 jobs in UK and Ireland'. BBC News Online. Retrieved 5 April 2016.
9. ^'Betting website pays out $1 million because it's certain Clinton beats Trump'. CNN. 18 October 2016. Retrieved 9 November 2016.
10. ^Bradley Gerrard (10 May 2017). 'Paddy Power Betfair enters fantasy land on back of US sports acquisition'. The Daily Telegraph. Retrieved 17 June 2017.
11. ^Jon Yeomans; Bradley Gerrard (7 August 2017). 'Paddy Power Betfair takes a punt on Worldpay boss as new CEO'. The Daily Telegraph. Retrieved 7 August 2017.
12. ^Caroline Watson (26 March 2018). 'Paddy Power launches electronic self-exclusion process for all UK shops'. Gambling Insider. Retrieved 28 March 2018.
13. ^'Paddy Power Betfair buys fantasy sports site Fan Duel'. BBC. 23 May 2018. Retrieved 3 December 2018.
14. ^'FanDuel Acquired by Paddy Power Betfair'. Variety. 23 May 2018. Retrieved 21 October 2019.
15. ^Janko Roettgers (23 May 2018). 'FanDuel Acquired by Paddy Power Betfair'. Variety. Retrieved 9 July 2018.
16. ^Evan Grossman. 'How FanDuel and DraftKings are taking aim at the world of sports gambling: 'The whole marketplace is going to evolve''. New York Daily News. Retrieved 9 July 2018.
17. ^A. Monaghan (16 October 2018). 'Paddy Power Betfair fined £2.2m for failing to stop bets with stolen money'. The Guardian. Retrieved 17 October 2018.
18. ^'Paddy Power Betfair buys €116m stake in Georgian company'. The Irish Times. 1 February 2019. Retrieved 26 February 2019.
19. ^Barber, Bill. 'Paddy Power Betfair group to change name to Flutter Entertainment Horse Racing News Racing Post'. Racing Post. Retrieved 6 March 2019.
20. ^Ziady, Hanna. 'Online betting merger brings Paddy Power and PokerStars together'. CNN. Retrieved 2 October 2019.
21. ^Walker, Katherine Sayre and Ian. 'FanDuel Owner Buys PokerStars in $6 Billion Deal'. The Wall Street Journal. Retrieved 2 October 2019.
22. ^ ^abDuprey, Rich (3 December 2020). 'Flutter Entertainment Ups Stake in FanDuel to 95%'. The Motley Fool. Retrieved 10 December 2020.
23. ^Goldstein, Steve. 'Flutter Entertainment strikes $4.2 billion deal to control most of FanDuel'. MarketWatch. Retrieved 10 December 2020.
24. ^Winkler, Todd (30 December 2020). 'Flutter Signs $ 4.18 Billion Contracts to Own 95% Stake in Fanduel'. Retrieved 20 January 2021.
25. ^'Divisions'. Paddy Power Betfair. Retrieved 12 June 2017.
26. ^'Paddy Power opens its 600th outlet'. RTÉ News. 1 March 2016. Retrieved 10 June 2016.
27. ^Shane Anderson. 'Huge Sportsbet result for Paddy Power'. RACING.COM. Retrieved 17 June 2017.
28. ^'Fox Sports, Stars Group to offer sports betting in deal'. Las Vegas Sun. 8 May 2019. Retrieved 22 May 2019.
29. ^Barry O'Halloran (8 March 2016). 'Paddy Power Betfair to launch in US with betting exchange'. The Irish Times. Retrieved 17 June 2017.
30. ^'Find licensees'. Gambling Commission. Retrieved 24 February 2018.

External links[edit]

ASHBURN, Va., Feb. 24, 2021 /PRNewswire/ -- FanDuel Groupand the Washington Football Team, on the heels of their mobilesports betting market access partnership launch in Virginia in January, announced today aone-million-dollar contribution tothe United Negro College Fund (UNCF). The FanDuel/WashingtonFootball Team Emergency Student Aid Fund will be dedicated tosupporting current students enrolled in Virginia's five Historically Black Collegesand Universities (HBCU). The fund will provide aid grants for thosestudents seeking emergency assistance for technology, housing, foodsecurity, tuition, and other education-related expenses.

To celebrate Black History Month and support students atVirginia's five HBCUs, FanDuel andWashington Football Team provide this contribution as an extensionof its legal sports betting partnership in the state. UNCF will beworking with the HBCU institutions to ensure students demonstratingneed have access to this critical aid. Supporting HBCUs and theirstudents at this time stands to bolster the strength of theseinstitutions in the state, broadening their already deep economicimpact in the Commonwealth.

'Supporting these institutions and these hard-working students,amidst enormous challenges related to COVID, is the right thing todo,' said Matt King, CEO of FanDuelGroup. 'As we celebrate Black History Month and recognize thecritical role HBCUs play in developing the next generation ofleaders in business, academia, and civic participation, our hope isthat this investment in students keeps them on the path to realizetheir academic and personal goals while enrolled at theseuniversities.'

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'HBCUs have produced some of the most accomplished andsuccessful individuals across countless professions making anincredible impact on our organization along with numerous others inthe DMV. This important investment is a way to continue to fosterthe talent at these great institutions and give the scholars oftoday a chance to achieve their goals and career aspirations,' saidDan and Tanya Snyder, Owners of theWashington Football Team.

'For decades, UNCF and the HBCUs they support have been drivingBlack socio-economic elevation in unparalleled fashion and I'mproud that our team and FanDuel are able to support them at animportant moment in history. Dr. Lomax and the Virginia HBCUpresidents are the type of leaders we can all trust to achieveremarkable feats with the resources they are given,' addedWashington Football Team President JasonWright.

'Everyone knows how important HBCUs are to me, and I applaudUNCF's commitment to partner with us and FanDuel to administer thisemergency aid fund with Virginia'sHBCUs. It is critical to support these students,' concludedDoug Williams, Super Bowl Championand the Washington Football Team's Senior Advisor to the TeamPresident.

'The United Negro College Fund is pleased to see FanDuel and theWashington Football Team support Virginia's HBCU students throughout the state,and this investment cannot come at a more critical time as studentsconfront harsh realities resulting from a disrupted and disjointedacademic year,' said Dr. MichaelLomax, president and CEO of UNCF, the nation's largestprivate provider of scholarships and other educational support toAfrican American students. 'We will proudly work with all fiveVirginia HBCUs, building upon our existing institutionalpartnerships and aligned with the mission of distributing this aidto students experiencing any number of economic hardships so theycan stay on the path to completion of their degree programs. We aregrateful to these organizations for this investment and willquickly endeavor to support the students.'

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The Emergency Student Aid Fund is expected to begin supportingVirginia HBCU students as expeditiously as possible. Aid will bedisbursed to students from their attending institution. Interestedstudents who need emergency assistance for technology, housing,food security, tuition, and other education-related expenses caninquire with their schools' Financial Aid Office by the beginningof March.

This contribution is a part of a broader commitment theWashington Football Team and FanDuel share organizationally. Bothcompanies have sustained talent strategies that include embracingdiversity, driving business growth, and contributing to aninclusive workplace that provides equitable access to opportunitiesfor all.

About FanDuel Group
FanDuel Group is an innovativesports-tech entertainment company that is changing the wayconsumers engage with their favorite sports, teams, and leagues.The premier gaming destination in theUnited States, FanDuel Group consists of a portfolio ofleading brands across gaming, sports betting, daily fantasy sports,advance-deposit wagering, and TV/media, including FanDuel, BetfairUS, and TVG. FanDuel Group has a presence across all 50 states and12 million customers. The company is based in New York with offices in California, NewJersey, Florida,Oregon, and Scotland. FanDuel Group is a subsidiary ofFlutter Entertainment plc, the world's largest sports betting andgaming operator with a portfolio of globally recognized brands anda constituent of the FTSE 100 index of the London StockExchange.

Fanduel Betfair Inc News

About United Negro College Fund
UNCF (United NegroCollege Fund) is the nation's largest and most effective minorityeducation organization. To serve youth, the community and thenation, UNCF supports students' education and development throughscholarships and other programs, supports and strengthens its 37member colleges and universities, and advocates for the importanceof minority education and college readiness. UNCF institutions andother historically Black colleges and universities are highlyeffective, awarding nearly 20% of African American baccalaureatedegrees. UNCF administers more than 400 programs, includingscholarship, internship and fellowship, mentoring, summerenrichment, and curriculum and faculty development programs. Today,UNCF supports more than 60,000 students at over 1,100 colleges anduniversities across the country. Its logo features the UNCF torchof leadership in education and its widely recognized trademark, ‟Amind is a terrible thing to waste.'® Learn more at UNCF.org or forcontinuous updates and news, follow UNCF on Twitter at @UNCF.

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Fanduel Betfair Incorporated

SOURCE Washington Football Team