After the recent purchase of a controlling stake and end of its merger with daily fantasy sports giant, FanDuel, European online and retail sports betting and gambling operator, Paddy Power Betfair PLC (PPB:London), announced Friday that its recently acquired subsidiary has agreed a deal with Las Vegas-based gambling and hospitality company, Boyd Gaming Corp (NYSE:BYD), to collectively operate in the online casino and US sports betting markets.
Acess into the U.S. sports betting market:
According to the joint press release…
Under the conditions of the agreement, the daily fantasy sports provider and bookmaker’s online gambling products and sports publication will obtain access to “many US states” in which Boyd Gaming currently possesses gaming permits, with the exclusion of Nevada.
Also insured are states contained under the market-access agreement between Boyd Gaming and MGM Resorts International, which on Tuesday inked a partnership deal with the National Basketball Association (NBA) just per day after finalizing a related joint venture agreement with British online sports betting company GVC Holdings.
It [Boyd Gaming] will also get the fantasy sports company’s technology to conduct its branded online and mobile sport betting and gambling services.
Economy positioning:
President and Chief Executive Officer of Boyd Gaming, Keith Smith, said…
“Through this partnership, Boyd Gaming and FanDuel Group is going to be able to successfully capitalize as sports betting and online gaming expand across the nation.
“By joining forces with FanDuel’s nationally-known brand, as well as their considerable technical experience and resources, we’ll be set to build market-leading sports-betting and online gaming operations in each nation as they move forward with these new kinds of amusement. We’ll also see immediate gains from our cross-marketing agreement with FanDuel, introducing millions of FanDuel customers to Boyd Gaming’s properties nationwide,” explained Smith.
Increasing bet :
Including market access deals already created in New York, West Virginia and New Jersey, with this most recent deal, 15 U.S. states will now be accessible to the betting site [FanDuel].
Further details of the agreement include a 4% stake in FanDuel for Boyd Gaming, alongside an choice to acquire an additional 1 percentage equity state.
Friday afternoon, Paddy Power shares were up 0.0094 percentage in US$53.05.
At the time of that the May announcement, Dublin-headquartered Paddy Power Betfair hauled that the conclusion of the acquisition will depart the company placed to target the potential United States sports betting market in the wake of that the May 14, 2018 decision from the Supreme Court declaring the federal Professional and Amateur Sports Protection Act (PASPA) of 1992 unconstitutional.
