Sports betting operator Paddy Power Betfair has planted its flag in the US market by entering into a partnership through subsidiary Fanduel Group with casino group Boyd Gaming.
The deal – which follows in the footsteps of UK group GVC’s agreement with MGM resorts earlier this week – will see Boyd Gaming establish an igaming and sports betting presence by leveraging FanDuel Group's technology and related services to operate Boyd-branded mobile and online offerings.
In turn, FanDuel Group will establish and operate mobile and online sports-betting and gaming services under the FanDuel brand in the states where Boyd is licensed.
This agreement, along with FanDuel's existing market access deals in New Jersey, New York and West Virginia, means Boyd will potentially have access to 15 states nationwide.
As part of the transaction, Boyd will also take a four per cent equity stake in FanDuel Group and have an option to purchase a further one per cent stake.
"Through this partnership, Boyd Gaming and FanDuel Group will be in excellent position to successfully capitalise as sports betting and online gaming expand across the country," said Keith Smith, president and CEO of Boyd Gaming.
"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."
