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{{Infobox company
{{Infobox company
| name = FanDuel Group
| name = FanDuel Group
| logo = File:Fanduel_logo.svg
| logo = Fanduel Official Logo 2022.png
| logo_size = 200
| logo_caption =
| logo_caption =
| logo_upright = <!-- default = 1 -->
| logo_upright = <!-- default = 1 -->
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| location = [[New York City]], U.S.
| location = [[New York City]], U.S.
| area_served = <!-- or: | areas_served = -->
| area_served = <!-- or: | areas_served = -->
| key_people = Amy Howe<br />Matt King<br />Carl Vogel<br />David Nathanson<br />Nigel Eccles<br />Lesley Eccles <br /> Rob Jones <br /> Tom Griffiths <br /> Chris Stafford
| key_people = Amy Howe<br />Matt King<br />Carl Vogel<br />David Nathanson<br />Nigel Eccles<br />Lesley Eccles <br /> Rob Jones <br /> Tom Griffiths <br /> Chris Stafford
| num_employees = 1,500<ref name="wsj1">{{cite news |last1=Sayre |first1=Katherine |title=FanDuel's CEO on Why It Doesn't Matter if the Super Bowl Makes Money |url=https://www.wsj.com/articles/fanduels-ceo-on-why-it-doesnt-matter-if-the-super-bowl-makes-money-11612549254 |access-date=7 February 2021 |work=Wall Street Journal |date=5 February 2021}}</ref>
| num_employees = 1,500<ref name="wsj1">{{Cite news |last=Sayre |first=Katherine |date=5 February 2021 |title=FanDuel's CEO on Why It Doesn't Matter if the Super Bowl Makes Money |work=Wall Street Journal |url=https://www.wsj.com/articles/fanduels-ceo-on-why-it-doesnt-matter-if-the-super-bowl-makes-money-11612549254 |access-date=7 February 2021}}</ref>
| num_employees_year = <!-- Year of num_employees data (if known) -->
| num_employees_year = <!-- Year of num_employees data (if known) -->
| parent = {{plainlist|
| parent = {{plainlist|
* [[Flutter Entertainment]] (82.4%)
* [[Flutter Entertainment]] (77.4%)
* [[Fox Corporation]] (17.6%)<ref>{{cite web | url=https://www.cnbc.com/2021/04/06/fox-files-lawsuit-against-flutter-over-fanduel-ownership-stake.html | title=Fox files lawsuit against Flutter over FanDuel ownership stake as IPO looms | website=[[CNBC]] }}</ref>
* [[Fox Corporation]] (17.6%)<ref>{{Cite web |title=Fox files lawsuit against Flutter over FanDuel ownership stake as IPO looms |url=https://www.cnbc.com/2021/04/06/fox-files-lawsuit-against-flutter-over-fanduel-ownership-stake.html |website=[[CNBC]]}}</ref>
}}
}}
[[Boyd Gaming]] (5%)
| website = {{Official URL}}
| website = {{Official URL}}
}}
}}


'''FanDuel Group''' is an American gambling company that offers [[sportsbook]], [[daily fantasy sports]], [[horse racing]], and [[online casino]]. The company operates sportsbooks in a number of states including New Jersey, Pennsylvania, Indiana and West Virginia, as well as an online horse race betting platform, and a daily fantasy sports service.<ref>{{cite news| url=https://www.wsj.com/articles/a-fantasy-sports-wizards-winning-formula-wsj-money-june-2014-1401893587 | work=Wall Street Journal | first=Brad | last=Reagan |title=A Fantasy Sports Wizard's Winning Formula}}</ref><ref>{{cite news|last=DiFino|first=Nando|title=Instant Gratification in Daily Fantasy Sports Over Traditional Leagues|url=https://www.wsj.com/article/NA_WSJ_PUB:SB10001424052748703915204575103652233621286.html|newspaper=Wall Street Journal|access-date=18 March 2012}}</ref><ref>{{cite news| url=https://www.njonlinegambling.com/fanduel-crossover-customers-fueled-growth-2019/ | work=New Jersey Online Gambling | first=John | last=Brennan |title=FanDuel Crossover Customers Fueled Major Growth In 2019}}</ref>
'''FanDuel Group''' is an American gambling company that offers [[sportsbook]], [[daily fantasy sports]], [[horse racing]], and [[online casino]]. The company operates sportsbooks in a number of states including [[New Jersey]], [[Pennsylvania]], [[Indiana]] and [[West Virginia]], as well as an online horse race betting platform, and a daily fantasy sports service.<ref>{{Cite news |last=Reagan |first=Brad |title=A Fantasy Sports Wizard's Winning Formula |work=Wall Street Journal |url=https://www.wsj.com/articles/a-fantasy-sports-wizards-winning-formula-wsj-money-june-2014-1401893587}}</ref><ref>{{Cite news |last=DiFino |first=Nando |title=Instant Gratification in Daily Fantasy Sports Over Traditional Leagues |work=Wall Street Journal |url=https://www.wsj.com/article/NA_WSJ_PUB:SB10001424052748703915204575103652233621286.html |access-date=18 March 2012}}</ref><ref>{{Cite news |last=Brennan |first=John |title=FanDuel Crossover Customers Fueled Major Growth In 2019 |work=New Jersey Online Gambling |url=https://www.njonlinegambling.com/fanduel-crossover-customers-fueled-growth-2019/}}</ref>


The company was originally founded as a daily fantasy sports provider, and principally competed with [[DraftKings]]. In May 2018, amid the widening legalization of [[sports betting]] in the United States, FanDuel agreed to merge with the U.S. operations of Irish bookmaker Paddy Power Betfair (now [[Flutter Entertainment]]) to form FanDuel Group. The acquisition sought to leverage the company's existing [[Brand awareness|brand recognition]] and user base, with FanDuel becoming the company's main U.S. brand.
The company was originally founded as a daily fantasy sports provider, and principally competed with [[DraftKings]]. In May 2018, amid the widening legalization of [[sports betting]] in the United States, FanDuel agreed to merge with the U.S. operations of Irish bookmaker Paddy Power Betfair (now [[Flutter Entertainment]]) to form FanDuel Group. The acquisition sought to leverage the company's existing [[Brand awareness|brand recognition]] and user base, with FanDuel becoming the company's main U.S. brand.


==History==
==History==
FanDuel was founded by [[Nigel Eccles]], Lesley Eccles, Tom Griffiths, Rob Jones and Chris Stafford on July 21, 2009 in [[Edinburgh]], Scotland, as a pivot from [[Hubdub]], a news prediction site, after taking in $1.2 million in [[venture capital]] funding from Pentech Ventures and [[Scottish Enterprise]].<ref>{{cite web | url=https://venturebeat.com/entrepreneur/fantasy-sports-firm-fanduel-acquires-mobile-app-firm-kotikan-1-week-after-whopping-275m-funding-round/ | title=Fresh from $275M funding round, fantasy sports firm FanDuel acquires app development firm Kotikan | date=20 July 2015 }}</ref><ref>{{cite web|last=King|first=Bill|title=FanDuel delivers daily dose of fantasy. games|url=http://www.sportsbusinessdaily.com/Journal/Issues/2012/02/06/In-Depth/FanDuel.aspx|publisher=SportsBusiness Journal|access-date=18 March 2012}}</ref><ref>{{cite news|last=Butcher|first=Mike|title=FanDuel turns fantasy sports betting into a social game|url=https://techcrunch.com/2009/07/21/fanduel-turns-fantasy-sports-betting-into-a-social-game/|work=TechCrunch|access-date=18 March 2012}}</ref> In 2010, FanDuel held its first "FanDuel Fantasy Football Championship (FFFC)." The event consisted of ten users who won entry into the event by winning a qualifying league throughout the NFL season. First place was awarded $25,000 and the total prize pool was $40,000.<ref>{{cite web|url=https://rotogrinders.com/pages/2010-fffc-final-standings-winning-lineup-105266|title=2010 FFFC Final Standings & Winning Lineup|work=rotogrinders.com}}</ref>
FanDuel was founded by [[Nigel Eccles]], Lesley Eccles, Tom Griffiths, Rob Jones and Chris Stafford on July 21, 2009 in [[Edinburgh]], Scotland, as a pivot from [[Hubdub]], a news prediction site, after taking in $1.2 million in [[venture capital]] funding from Pentech Ventures and [[Scottish Enterprise]].<ref>{{Cite web |date=20 July 2015 |title=Fresh from $275M funding round, fantasy sports firm FanDuel acquires app development firm Kotikan |url=https://venturebeat.com/entrepreneur/fantasy-sports-firm-fanduel-acquires-mobile-app-firm-kotikan-1-week-after-whopping-275m-funding-round/}}</ref><ref>{{Cite web |last=King |first=Bill |date=6 February 2012 |title=FanDuel delivers daily dose of fantasy. games |url=http://www.sportsbusinessdaily.com/Journal/Issues/2012/02/06/In-Depth/FanDuel.aspx |access-date=18 March 2012 |publisher=SportsBusiness Journal}}</ref><ref>{{Cite news |last=Butcher |first=Mike |title=FanDuel turns fantasy sports betting into a social game |work=TechCrunch |url=https://techcrunch.com/2009/07/21/fanduel-turns-fantasy-sports-betting-into-a-social-game/ |access-date=18 March 2012}}</ref> In 2010, FanDuel held its first "FanDuel Fantasy Football Championship (FFFC)." The event consisted of ten users who won entry into the event by winning a qualifying league throughout the NFL season. First place was awarded $25,000 and the total prize pool was $40,000.<ref>{{Cite web |title=2010 FFFC Final Standings & Winning Lineup |url=https://rotogrinders.com/pages/2010-fffc-final-standings-winning-lineup-105266 |website=rotogrinders.com}}</ref>


On January 30, 2013, FanDuel announced that it had closed an $11 million Series C funding round. In September 2014, the company announced $70 million in Series D funding. In July 2015, FanDuel announced a Series E funding round of $275 million<ref>{{cite web|url=https://www.wsj.com/articles/fantasy-sports-create-billion-dollar-startups-1436846402|title=Fantasy Sports Create Billion-Dollar Startups|author=Lora Kolodny|date=14 July 2015|work=WSJ}}</ref> leading the company to be valued at over a billion dollars.
On January 30, 2013, FanDuel announced that it had closed an $11 million Series C funding round. In September 2014, the company announced $70 million in Series D funding. In July 2015, FanDuel announced a Series E funding round of $275 million<ref>{{Cite web |last=Lora Kolodny |date=14 July 2015 |title=Fantasy Sports Create Billion-Dollar Startups |url=https://www.wsj.com/articles/fantasy-sports-create-billion-dollar-startups-1436846402 |website=WSJ}}</ref> leading the company to be valued at over a billion dollars.


In May 2015, FanDuel hired 38 of 42 employees that were laid off by [[365 Media Group|Zynga 365 sports]]. Shortly after announcing the Series E fundraise, FanDuel acquired sports analytics company [[numberFire]]. Then in July 2015 FanDuel made its second acquisition in app developer Kotikan. Kotikan developed FanDuel's mobile app, and it was decided that they would be brought in house to help further develop mobile offerings.<ref>{{cite news|last=Butcher|first=Mike|title=After Raising $275M, FanDuel Acquires App Developer Kotikan|work=Kotikan|url=https://techcrunch.com/2015/07/20/after-raising-275m-fanduel-acquires-app-developer-kotikan/}}</ref> In September 2015, FanDuel acquired the esports focused DFS service AlphaDraft.<ref>{{cite web|url=https://venturebeat.com/2015/09/24/fanduel-acquires-alphadraft-to-get-into-esports/|title=FanDuel acquires AlphaDraft to get into esports|date=24 September 2015}}</ref>
In May 2015, FanDuel hired 38 of 42 employees that were laid off by [[365 Media Group|Zynga 365 sports]]. Shortly after announcing the Series E fundraise, FanDuel acquired sports analytics company [[numberFire]]. Then in July 2015 FanDuel made its second acquisition in app developer Kotikan. Kotikan developed FanDuel's mobile app, and it was decided that they would be brought in house to help further develop mobile offerings.<ref>{{Cite news |last=Butcher |first=Mike |title=After Raising $275M, FanDuel Acquires App Developer Kotikan |work=Kotikan |url=https://techcrunch.com/2015/07/20/after-raising-275m-fanduel-acquires-app-developer-kotikan/}}</ref> In September 2015, FanDuel acquired the esports focused DFS service AlphaDraft.<ref>{{Cite web |date=24 September 2015 |title=FanDuel acquires AlphaDraft to get into esports |url=https://venturebeat.com/2015/09/24/fanduel-acquires-alphadraft-to-get-into-esports/}}</ref>


In October 2015, ''The New York Times'' reported that an employee of DraftKings inadvertently released data before the start of the third week of NFL games and won $350,000 on the FanDuel website.<ref name="Gaines">{{cite news| url= http://www.businessinsider.com/draftkings-daily-fantasy-sports-fanduel-2015-10| work=Business Insider | first=Cork | last=Gaines |title=DraftKings employees reportedly won nearly $6 million playing daily fantasy sports at rival FanDuel}}</ref> DraftKings stated that the employees could not have used their information to make decisions about FanDuel lineups. FanDuel and DraftKings have since prohibited their employees from playing in contests for money on rival websites.<ref>{{cite news| url= https://www.wsj.com/articles/fanduel-bans-employees-from-playing-daily-fantasy-contests-for-money-1444233537| work=Wall Street Journal | first=Sarah | last=Needleman |title=FanDuel, DraftKings Ban Employees From Playing Daily Fantasy Contests for Money}}</ref> At the time of the incident the company released a statement that DraftKings' employees had won up to 0.3% of the $2 billion of prize money that FanDuel has given out. In a separate analysis it was shown that 91% of the player profits at DraftKings and FanDuel were won by just 1.3% of players on the website.<ref name="Gaines" />
In October 2015, ''The New York Times'' reported that an employee of DraftKings inadvertently released data before the start of the third week of NFL games and won $350,000 on the FanDuel website.<ref name="Gaines">{{Cite news |last=Gaines |first=Cork |title=DraftKings employees reportedly won nearly $6 million playing daily fantasy sports at rival FanDuel |work=Business Insider |url=http://www.businessinsider.com/draftkings-daily-fantasy-sports-fanduel-2015-10}}</ref> DraftKings stated that the employees could not have used their information to make decisions about FanDuel lineups. FanDuel and DraftKings have since prohibited employees from playing in contests for money on rival websites.<ref>{{Cite news |last=Needleman |first=Sarah |title=FanDuel, DraftKings Ban Employees From Playing Daily Fantasy Contests for Money |work=Wall Street Journal |url=https://www.wsj.com/articles/fanduel-bans-employees-from-playing-daily-fantasy-contests-for-money-1444233537}}</ref> At the time of the incident the company released a statement that DraftKings' employees had won up to 0.3% of the $2 billion of prize money that FanDuel has given out. In a separate analysis it was shown that 91% of the player profits at DraftKings and FanDuel were won by just 1.3% of players on the website.<ref name="Gaines" />


On November 18, 2016, DraftKings and FanDuel announced an intent to merge. The combined company would serve over five million users.<ref name="wsj-merge">{{cite news|title=DraftKings and FanDuel Agree to Merge|url=https://www.wsj.com/articles/draftkings-and-fanduel-agree-to-merge-1479479405|website=The Wall Street Journal|date=18 November 2016|access-date=18 November 2016|last1=Berzon|first1=Alexandra}}</ref> On June 19, 2017, the [[Federal Trade Commission]] (FTC) announced that it would seek a preliminary injunction to block the then proposed merger. The FTC stated that the proposed transaction would give the combined company 90% of the DFS market, which it considered to be a monopoly position.<ref name="tc-ftcdkfd">{{cite web|title=The FTC is attempting to block the DraftKings-Fanduel merger|url=https://techcrunch.com/2017/06/19/the-ftc-is-attempting-to-block-the-draftkings-fanduel-merger/|website=TechCrunch|date=19 June 2017 |publisher=Oath|access-date=19 June 2017}}</ref> The merger was subsequently terminated.<ref name="Federal judge orders temporary stop to DraftKings, FanDuel merger">Schiffer, Alex. [https://www.washingtonpost.com/news/innovations/wp/2017/06/21/federal-judge-orders-temporary-stop-to-draftkings-fandeul-merger/ Federal judge orders temporary stop to DraftKings, FanDuel merger]. ''The Washington Post''. 21 June 2017. Retrieved 3 August 2017.</ref><ref>{{Cite news|url=https://variety.com/2017/digital/news/draftkings-fanduel-merger-cancelled-1202495066/|title=DraftKings, FanDuel Scrap Merger Plans After FTC Opposition|last=Spangler|first=Todd|date=2017-07-13|work=Variety|access-date=2017-07-13|language=en-US}}</ref>
On November 18, 2016, DraftKings and FanDuel announced an intent to merge. The combined company would serve over five million users.<ref name="wsj-merge">{{Cite news |last=Berzon |first=Alexandra |date=18 November 2016 |title=DraftKings and FanDuel Agree to Merge |work=The Wall Street Journal |url=https://www.wsj.com/articles/draftkings-and-fanduel-agree-to-merge-1479479405 |access-date=18 November 2016}}</ref> On June 19, 2017, the [[Federal Trade Commission]] (FTC) announced that it would seek a preliminary injunction to block the then proposed merger. The FTC stated that the proposed transaction would give the combined company 90% of the DFS market, which it considered to be a monopoly position.<ref name="tc-ftcdkfd">{{Cite web |date=19 June 2017 |title=The FTC is attempting to block the DraftKings-Fanduel merger |url=https://techcrunch.com/2017/06/19/the-ftc-is-attempting-to-block-the-draftkings-fanduel-merger/ |access-date=19 June 2017 |website=TechCrunch |publisher=Oath}}</ref> The merger was subsequently terminated.<ref name="Federal judge orders temporary stop to DraftKings, FanDuel merger">Schiffer, Alex. [https://www.washingtonpost.com/news/innovations/wp/2017/06/21/federal-judge-orders-temporary-stop-to-draftkings-fandeul-merger/ Federal judge orders temporary stop to DraftKings, FanDuel merger]. ''The Washington Post''. 21 June 2017. Retrieved 3 August 2017.</ref><ref>{{Cite news |last=Spangler |first=Todd |date=2017-07-13 |title=DraftKings, FanDuel Scrap Merger Plans After FTC Opposition |language=en-US |work=Variety |url=https://variety.com/2017/digital/news/draftkings-fanduel-merger-cancelled-1202495066/ |access-date=2017-07-13}}</ref>


In September 2017, FanDuel and DraftKings each paid $1.3 million to settle with the [[Massachusetts Attorney General]]'s office over allegations of unfair and deceptive practices by the companies prior to 2016.<ref>{{cite web|url=http://www.espn.com/chalk/story/_/id/20622347/fantasy-sports-operators-draftkings-fanduel-settle-massachusetts-attorney-general-office|title=DraftKings, FanDuel settle with Massachusetts for $1.3M apiece|date=7 September 2017|publisher=ESPN}}</ref> In November 2017, Nigel Eccles left the company. He was replaced as CEO by Matt King, who was previously CFO.<ref>{{Cite web|url=https://www.recode.net/2017/11/20/16680412/fanduel-ceo-nigel-eccles-leaving-board-matt-king-carl-vogel|title = FanDuel CEO and co-founder Nigel Eccles is leaving to start an eSports company|date = 20 November 2017}}</ref> Co founder Tom Griffiths left the company shortly thereafter, replaced by [[Nik Bonaddio]], formerly of [[NumberFire]], as Head of Product.<ref>{{Cite web|url=http://www.king5.com/article/news/nation-now/super-bowl-draftkings-fanduel-launch-new-games-with-1m-jackpots/465-c9f6c8cb-218f-46b8-9edd-07238ab19a68|title = Super Bowl: DraftKings, FanDuel launch new games with $1M jackpots}}</ref>
In September 2017, FanDuel and DraftKings each paid $1.3 million to settle with the [[Massachusetts Attorney General]]'s office over allegations of unfair and deceptive practices by the companies prior to 2016.<ref>{{Cite web |date=7 September 2017 |title=DraftKings, FanDuel settle with Massachusetts for $1.3M apiece |url=http://www.espn.com/chalk/story/_/id/20622347/fantasy-sports-operators-draftkings-fanduel-settle-massachusetts-attorney-general-office |publisher=ESPN}}</ref> In November 2017, Nigel Eccles left the company. He was replaced as CEO by Matt King, who was previously CFO.<ref>{{Cite web |date=20 November 2017 |title=FanDuel CEO and co-founder Nigel Eccles is leaving to start an eSports company |url=https://www.recode.net/2017/11/20/16680412/fanduel-ceo-nigel-eccles-leaving-board-matt-king-carl-vogel}}</ref> Co founder Tom Griffiths left the company shortly thereafter, replaced by [[Nik Bonaddio]], formerly of [[NumberFire]], as Head of Product.<ref>{{Cite web |title=Super Bowl: DraftKings, FanDuel launch new games with $1M jackpots |url=http://www.king5.com/article/news/nation-now/super-bowl-draftkings-fanduel-launch-new-games-with-1m-jackpots/465-c9f6c8cb-218f-46b8-9edd-07238ab19a68 |access-date=2018-02-26 |archive-date=2018-02-26 |archive-url=https://web.archive.org/web/20180226211832/http://www.king5.com/article/news/nation-now/super-bowl-draftkings-fanduel-launch-new-games-with-1m-jackpots/465-c9f6c8cb-218f-46b8-9edd-07238ab19a68 |url-status=dead }}</ref>


=== Acquisition by Paddy Power Betfair, expansion to sports betting ===
=== Acquisition and expansion ===
In May 2018, Ireland-based [[bookmaking|bookmaker]] [[Flutter Entertainment|Paddy Power Betfair]] announced its intent to acquire FanDuel. Paddy Power Betfair planned to contribute $158 million and merge its existing assets in the United States (which also include the [[horse racing]] oriented cable networks [[TVG Network]] and [[TVG2]]) into FanDuel; Paddy Power Betfair holds a 61% controlling stake, with the option to increase its stake to 80% and 100% over time.<ref name=":0" />
In May 2018, Ireland-based [[bookmaking|bookmaker]] [[Flutter Entertainment|Paddy Power Betfair]] (now Flutter Entertainment) announced its intent to acquire FanDuel. Paddy Power Betfair planned to contribute $158 million and merge its existing assets in the United States (which also include the [[horse racing]] oriented cable networks [[TVG Network]] and [[TVG2]]) into FanDuel; Paddy Power Betfair holds a 61% controlling stake, with the option to increase its stake to 80% and 100% over time.<ref name=":0" />


The merger came in the wake of the [[Professional and Amateur Sports Protection Act of 1992]] — which effectively outlawed [[sports betting]] in almost all states in the United States — being declared unconstitutional by the Supreme Court. FanDuel had been preparing to offer a sports wagering platform, while Paddy Power Betfair stated that the merger would make it "exceptionally well placed to target the prospective sport betting opportunity."<ref name=":0">{{Cite news|url=https://variety.com/2018/digital/news/fanduel-paddy-power-betfair-acquisition-1202819754/|title=FanDuel Acquired by Paddy Power Betfair|last=Roettgers|first=Janko|date=2018-05-23|work=Variety|access-date=2018-07-09|language=en-US}}</ref> FanDuel will serve as Paddy Power Betfair's primary operating brand in the United States.<ref>{{Cite news|title=FanDuel Plans Sports-Gambling TV Shows as Betting Parlors Open|language=en|work=Bloomberg.com|url=https://www.bloomberg.com/news/articles/2018-07-27/fanduel-plans-sports-gambling-tv-shows-as-betting-parlors-open|access-date=2018-07-31}}</ref>
The merger came in the wake of the [[Professional and Amateur Sports Protection Act of 1992]] — which effectively outlawed [[sports betting]] in almost all states in the United States — being declared unconstitutional by the Supreme Court. FanDuel had been preparing to offer a sports wagering platform, while Paddy Power Betfair stated that the merger would make it "exceptionally well placed to target the prospective sport betting opportunity."<ref name=":0">{{Cite news |last=Roettgers |first=Janko |date=2018-05-23 |title=FanDuel Acquired by Paddy Power Betfair |language=en-US |work=Variety |url=https://variety.com/2018/digital/news/fanduel-paddy-power-betfair-acquisition-1202819754/ |access-date=2018-07-09}}</ref> FanDuel will serve as Paddy Power Betfair's primary operating brand in the United States.<ref>{{Cite news |title=FanDuel Plans Sports-Gambling TV Shows as Betting Parlors Open |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2018-07-27/fanduel-plans-sports-gambling-tv-shows-as-betting-parlors-open |access-date=2018-07-31}}</ref>


The merger was completed on July 11, 2018, with the combined company of FanDuel and Paddy Power Betfair's US operations becoming known as '''FanDuel Group'''.<ref>{{Cite web|url=https://www.paulickreport.com/news/the-biz/paddy-power-betfair-fanduel-complete-merger-tvg-now-part-of-fanduel-group/|title=Paddy Power Betfair, FanDuel Complete Merger; TVG Now Part Of FanDuel Group|website= Paulick Report|date=11 July 2018|language=en|access-date=2018-07-31}}</ref> The FanDuel board valued FanDuel's stake in the merger at $465 million, which was significantly lower than FanDuel's internal valuation and resulted in a $120 million lawsuit in Scottish court by the company founders including Lesley Eccles, the former head of marketing for FanDuel.<ref>{{Cite web|url=https://www.legalsportsreport.com/22929/fanduel-founders-suing-paddy-power-betfair/|title=FanDuel Founders Suing For $120 Million After They Got Nothing In Sale To Paddy Power Betfair|date=2018-08-15|website=Legal Sports Report|language=en-US|access-date=2019-10-25}}</ref><ref>{{Cite web|url=https://www.crainsnewyork.com/features/fanduel-founder-bets-love-new-app|title=FanDuel founder bets on love with new app|date=2019-09-20|website=Crain's New York Business|language=en|access-date=2019-10-25}}</ref> Subsequently in February 25, 2020 over 100 former employees, company founders and early investors filed suit in New York against FanDuel's board for breach of fiduciary duty in allegedly undervaluing FanDuel to enrich themselves.<ref>{{Cite web|url=https://www.reuters.com/article/us-otc-fanduel/fanduel-founders-spin-juicy-tale-in-suit-against-kkr-shamrock-the-funds-have-a-different-story-idUSKCN20K38Z|title=FanDuel founders spin juicy tale in suit against KKR, Shamrock. The funds have a different story|date=2020-02-26|website=Reuters|language=en|access-date=2020-09-09}}</ref><ref>{{Cite web|url=https://www.wsj.com/articles/fanduel-founders-former-employees-sue-over-getting-nothing-in-deal-11582663343|title=FanDuel Founders, Former Employees Sue Over Getting Nothing in Deal|date=2020-02-25|website=Wall Street Journal|language=en|access-date=2020-09-09}}</ref>
The acquisition was completed on July 11, 2018, with FanDuel and Paddy Power Betfair's US operations merged to form '''FanDuel Group'''.<ref>{{Cite web |date=11 July 2018 |title=Paddy Power Betfair, FanDuel Complete Merger; TVG Now Part Of FanDuel Group |url=https://www.paulickreport.com/news/the-biz/paddy-power-betfair-fanduel-complete-merger-tvg-now-part-of-fanduel-group/ |access-date=2018-07-31 |website=Paulick Report |language=en}}</ref> The FanDuel board valued FanDuel's stake in the merger at $465 million, which was significantly lower than FanDuel's internal valuation and resulted in a $120 million lawsuit in Scottish court by the company founders including Lesley Eccles, the former head of marketing for FanDuel.<ref>{{Cite web |date=2018-08-15 |title=FanDuel Founders Suing For $120 Million After They Got Nothing In Sale To Paddy Power Betfair |url=https://www.legalsportsreport.com/22929/fanduel-founders-suing-paddy-power-betfair/ |access-date=2019-10-25 |website=Legal Sports Report |language=en-US}}</ref><ref>{{Cite web |date=2019-09-20 |title=FanDuel founder bets on love with new app |url=https://www.crainsnewyork.com/features/fanduel-founder-bets-love-new-app |access-date=2019-10-25 |website=Crain's New York Business |language=en}}</ref> On February 25, 2020, over 100 former employees, company founders and early investors filed suit in New York against FanDuel's board for breach of fiduciary duty in allegedly undervaluing FanDuel to enrich themselves.<ref>{{Cite web |date=2020-02-26 |title=FanDuel founders spin juicy tale in suit against KKR, Shamrock. The funds have a different story |url=https://www.reuters.com/article/us-otc-fanduel/fanduel-founders-spin-juicy-tale-in-suit-against-kkr-shamrock-the-funds-have-a-different-story-idUSKCN20K38Z |access-date=2020-09-09 |website=Reuters |language=en}}</ref><ref>{{Cite web |date=2020-02-25 |title=FanDuel Founders, Former Employees Sue Over Getting Nothing in Deal |url=https://www.wsj.com/articles/fanduel-founders-former-employees-sue-over-getting-nothing-in-deal-11582663343 |access-date=2020-09-09 |website=Wall Street Journal |language=en}}</ref><ref>{{cite news |title=FanDuel Joins Indiana Fever |url=https://betzillion.com/news/fanduel-joins-indiana-fever-as-a-sportsbook-partner/ |access-date=26 November 2023}}</ref>


A few days after the merger was completed, FanDuel opened its first branded [[sportsbook]] at the [[Meadowlands Racetrack]] in [[New Jersey]].<ref>{{Cite news|url=http://www.espn.com/chalk/story/_/id/24077347/fanduel-open-sportsbook-meadowlands-racetrack-new-jersey|title=FanDuel to open sportsbook at Meadowlands|work=ESPN.com|access-date=2018-07-31|language=en}}</ref><ref>{{cite web|url=https://www.nytimes.com/2018/06/11/nyregion/sports-betting-legalized-nj.html|title=New Jersey Legalizes Sports Betting|author=Nick Corasaniti|work=The New York Times|date=11 June 2018}}</ref> In March 2019, a FanDuel sportsbook opened at [[Valley Forge Casino Resort]] in [[Pennsylvania]].<ref>{{cite web|last=Gelman|first=Bill|title=FanDuel Sportsbook Opening Festivities Just A Precursor To March Madness|publisher=Play Pennsylvania|date=March 14, 2019|url=https://www.playpennsylvania.com/fanduel-sportsbook-launch-celek/|access-date=March 14, 2019}}</ref> FanDuel also offers online sports betting in [[Indiana]], New Jersey, Illinois, Pennsylvania, [[West Virginia]], and New York.<ref>{{cite news|last=Maykuth|first=Andrew|title=Fantasy sports giant enters Pennsylvania betting market|work=The Philadelphia Inquirer|date=July 29, 2019|url=https://www.inquirer.com/business/fanduel-mobile-sports-betting-online-launches-pennsylvania-shaking-up-market-20190729.html|access-date=October 28, 2019}}</ref><ref>{{cite web|last=Waters|first=Matthew|title=FanDuel Sportsbook Reports Strong Growth; Fox Bet Performs As Expected|publisher=Legal Sports Report|date=November 7, 2019|url=https://www.legalsportsreport.com/35949/fanduel-sportsbook-fox-bet-update/|access-date=November 7, 2019}}</ref><ref>{{cite news|last=Grubb|first=Harrison|title=Mobile sports betting launches in New York State|url=https://www.news10.com/news/mobile-sports-betting-launches-in-new-york-state/|work=[[WTEN]]|date=January 8, 2022|access-date=January 11, 2021}}</ref>
A few days after the merger was completed, FanDuel opened its first branded [[sportsbook]] at the [[Meadowlands Racetrack]] in [[New Jersey]].<ref>{{Cite news |title=FanDuel to open sportsbook at Meadowlands |language=en |work=ESPN.com |url=http://www.espn.com/chalk/story/_/id/24077347/fanduel-open-sportsbook-meadowlands-racetrack-new-jersey |access-date=2018-07-31}}</ref><ref>{{Cite web |last=Nick Corasaniti |date=11 June 2018 |title=New Jersey Legalizes Sports Betting |url=https://www.nytimes.com/2018/06/11/nyregion/sports-betting-legalized-nj.html |website=The New York Times}}</ref> In March 2019, a FanDuel sportsbook opened at [[Valley Forge Casino Resort]] in [[Pennsylvania]].<ref>{{Cite web |last=Gelman |first=Bill |date=March 14, 2019 |title=FanDuel Sportsbook Opening Festivities Just A Precursor To March Madness |url=https://www.playpennsylvania.com/fanduel-sportsbook-launch-celek/ |access-date=March 14, 2019 |publisher=Play Pennsylvania}}</ref> FanDuel also offers online sports betting in [[Indiana]], New Jersey, Illinois, Pennsylvania, [[West Virginia]], and New York.<ref>{{Cite news |last=Maykuth |first=Andrew |date=July 29, 2019 |title=Fantasy sports giant enters Pennsylvania betting market |work=The Philadelphia Inquirer |url=https://www.inquirer.com/business/fanduel-mobile-sports-betting-online-launches-pennsylvania-shaking-up-market-20190729.html |access-date=October 28, 2019}}</ref><ref>{{Cite web |last=Waters |first=Matthew |date=November 7, 2019 |title=FanDuel Sportsbook Reports Strong Growth; Fox Bet Performs As Expected |url=https://www.legalsportsreport.com/35949/fanduel-sportsbook-fox-bet-update/ |access-date=November 7, 2019 |publisher=Legal Sports Report}}</ref><ref>{{Cite news |last=Grubb |first=Harrison |date=January 8, 2022 |title=Mobile sports betting launches in New York State |work=[[WTEN]] |url=https://www.news10.com/news/mobile-sports-betting-launches-in-new-york-state/ |access-date=January 11, 2021}}</ref>


In August 2018, FanDuel announced that it had partnered with Minute Media to create ''The Duel'', a new site for fantasy/sports betting information generated by fans.<ref>{{Cite web|url=https://www.sporttechie.com/fanduel-minute-media-the-duel-fantasy-sports-betting/|title=FanDuel, Minute Media Partner to Create Fan-Driven Fantasy, Betting Site|website=www.sporttechie.com|language=en|access-date=2019-10-25}}</ref>
In August 2018, FanDuel announced that it had partnered with Minute Media to create ''The Duel'', a new site for fantasy/sports betting information generated by fans.<ref>{{Cite web |title=FanDuel, Minute Media Partner to Create Fan-Driven Fantasy, Betting Site |url=https://www.sporttechie.com/fanduel-minute-media-the-duel-fantasy-sports-betting/ |access-date=2019-10-25 |website=www.sporttechie.com |language=en}}</ref>


In February 2020, FanDuel reached an agreement with [[Scientific Games]] to serve as the technology partner for its current and future sports betting operations.<ref>{{Cite news |last=Palmeri |first=Christopher |date=3 February 2020 |title='FanDuel Picks Scientific Games for Sports Betting Tech' |language=en-US |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2020-02-03/fanduel-is-said-to-pick-scientific-games-for-sports-betting-tech |access-date=2020-02-03}}</ref>
In 2019, Paddy Power Betfair, now known as Flutter Entertainment, acquired Canadian gaming operator [[The Stars Group]]. As part of the sale, [[Fox Corporation]] (which took a minority stake in The Stars Group as part of a joint venture to offer [[Fox Sports (United States)|Fox Sports]]-branded sports betting services) has the option to acquire 18.5% of FanDuel Group in July 2021.<ref name=":02">{{Cite web|last=Duprey|first=Rich|date=2020-12-03|title=Flutter Entertainment Ups Stake in FanDuel to 95%|url=https://www.fool.com/investing/2020/12/03/flutter-entertainment-ups-stake-in-fanduel-to-95/|access-date=2020-12-10|website=The Motley Fool|language=en}}</ref>


In February 2020, FanDuel reached an agreement with [[Scientific Games]] to serve as the technology partner for its current and future sports betting operations.<ref>{{Cite news |last=Palmeri |first=Christopher |title='FanDuel Picks Scientific Games for Sports Betting Tech' |url=https://www.bloomberg.com/news/articles/2020-02-03/fanduel-is-said-to-pick-scientific-games-for-sports-betting-tech |access-date=2020-02-03 |newspaper=Bloomberg.com |date=3 February 2020 |language=en-US}}</ref> In December 2020, Flutter Entertainment announced that it had increased its stake in FanDuel Group to 95% in a $4.1 billion cash-and-stock deal.<ref>{{Cite web|last=Goldstein|first=Steve|title=Flutter Entertainment strikes $4.2 billion deal to control most of FanDuel|url=https://www.marketwatch.com/story/flutter-strikes-4-2-billion-deal-to-control-most-of-fanduel-11607002566|access-date=2020-12-10|website=MarketWatch|language=en-US}}</ref><ref name=":02"/> In May 2021, FanDuel announced that CEO Matt King would be stepping down after four years with the company.<ref>{{Cite news |date=12 May 2021 |title=Flutter-owned FanDuel on the hunt for new CEO as Matt King steps down |url=https://www.irishtimes.com/business/retail-and-services/flutter-owned-fanduel-on-the-hunt-for-new-ceo-as-matt-king-steps-down-1.4562834 |url-status=live |access-date=3 June 2021 |newspaper=The Irish Times}}</ref>
In December 2020, Flutter Entertainment announced that it had increased its stake in FanDuel Group to 95% in a $4.1 billion cash-and-stock deal.<ref>{{Cite web |last=Goldstein |first=Steve |title=Flutter Entertainment strikes $4.2 billion deal to control most of FanDuel |url=https://www.marketwatch.com/story/flutter-strikes-4-2-billion-deal-to-control-most-of-fanduel-11607002566 |access-date=2020-12-10 |website=MarketWatch |language=en-US}}</ref> In May 2021, FanDuel announced that CEO Matt King would be stepping down after four years with the company.<ref>{{Cite news |date=12 May 2021 |title=Flutter-owned FanDuel on the hunt for new CEO as Matt King steps down |work=The Irish Times |url=https://www.irishtimes.com/business/retail-and-services/flutter-owned-fanduel-on-the-hunt-for-new-ceo-as-matt-king-steps-down-1.4562834 |access-date=3 June 2021}}</ref> In 2021, the company began to launch the online casino [[FanDuel Casino]] in selected states.<ref name="usbets.com">Bennett Conlin,{{cite news |last= |first= |date=21 August 2023 |title=North Carolina Online Casino Legalization Debate Begins |url=https://www.usbets.com/north-carolina-online-casino-legalization-discussions/ |accessdate=18 September 2023 |newspaper= |publisher=usbets.com |location= |pages= |language=}}</ref><ref name="casino.org">Todd Shriber,{{cite news |last= |first= |date=9 August 2023 |title=FanDuel Profitable in First Half, Flutter Still Eyeing US Stock Listing |url=https://www.casino.org/news/flutter-says-fanduel-profitable-in-1h-on-track-for-us-listing/ |accessdate=18 September 2023 |newspaper= |publisher=casino.org |location= |pages= |language=}}</ref>

In August 2022, FanDuel announced the re-launch of [[TVG Network]]—a co-owned [[horse racing]] cable network—as FanDuel TV. The channel would continue to primarily carry live coverage of horse racing events, but would expand its coverage of mainstream sports from a gambling perspective.<ref name="usbets.com"/><ref name="casino.org"/>


==Partnerships==
==Partnerships==
In November 2018, FanDuel announced a multi-year agreement to become a sports betting partner, and official daily fantasy sports partner, of the [[National Hockey League]]. The company announced a separate team sponsorship with the NHL's [[New Jersey Devils]] the same day, which includes in-arena sponsorship for FanDuel Sportsbook, and brand integration via team platforms.<ref>{{Cite news|url=https://www.legalsportsreport.com/25544/fanduel-nhl-sports-betting/|title=FanDuel Becomes Official Sports Betting Partner For NHL|date=2018-11-05|work=Legal Sports Report|access-date=2018-11-06|language=en-US}}</ref><ref>{{Cite web |last=Thomas |first=Lucas |date=2018-11-05 |title=NHL Makes FanDuel Official DFS Partner, Devils Get In On Deal, Too |url=https://www.casino.org/news/nhl-makes-fanduel-official-dfs-partner-devils-get-in-on-deal-too/ |access-date=2022-05-12 |website=Casino.org |language=en-US}}</ref> FanDuel also partnered with [[The Volume]] in 2022.<ref>{{cite web|title=The Volume, FanDuel Partner For Live Events|url=https://barrettsportsmedia.com/2022/10/21/the-volume-fanduel-partner-for-live-events/}}</ref>
In November 2018, FanDuel announced a multi-year agreement to become a sports betting partner, and official daily fantasy sports partner, of the [[National Hockey League]]. The company announced a separate team sponsorship with the NHL's [[New Jersey Devils]] the same day, which includes in-arena sponsorship for FanDuel Sportsbook, and brand integration via team platforms.<ref>{{Cite news |date=2018-11-05 |title=FanDuel Becomes Official Sports Betting Partner For NHL |language=en-US |work=Legal Sports Report |url=https://www.legalsportsreport.com/25544/fanduel-nhl-sports-betting/ |access-date=2018-11-06}}</ref><ref>{{Cite web |last=Thomas |first=Lucas |date=2018-11-05 |title=NHL Makes FanDuel Official DFS Partner, Devils Get In On Deal, Too |url=https://www.casino.org/news/nhl-makes-fanduel-official-dfs-partner-devils-get-in-on-deal-too/ |access-date=2022-05-12 |website=Casino.org |language=en-US}}</ref> FanDuel also partnered with [[The Volume]] in 2022.<ref>{{Cite web |date=21 October 2022 |title=The Volume, FanDuel Partner For Live Events |url=https://barrettsportsmedia.com/2022/10/21/the-volume-fanduel-partner-for-live-events/}}</ref>


==Awards and recognition==
==Awards and recognition==

=== 2021 ===
* EGR North America Virtual Awards: Operator of the Year<ref>{{Cite web|date=27 May 2021|title=FanDuel crowned operator of the year at EGR North America Virtual Awards 2021|url=https://egr.global/northamerica/news/fanduel-crowned-operator-of-the-year-at-egr-north-america-virtual-awards-2021/|url-status=live|access-date=3 June 2021|website=EGR}}</ref>


=== 2016 ===
=== 2016 ===
* Webby Awards: Judges Selection: Best Sports App (Handheld Device)<ref>{{cite web|url=http://webbyawards.com/winners/2016/mobile-sites-apps/general-sites-apps/sports/|title=Sports}}</ref>
* Webby Awards: Judges Selection: Best Sports App (Handheld Device)<ref>{{Cite web |title=Sports |url=http://webbyawards.com/winners/2016/mobile-sites-apps/general-sites-apps/sports/}}</ref>


===2015===
===2015===
* [[Webby Award]]s: Judges Selection: Best Sports App (Handheld Device)<ref>{{cite web|url=http://www.webbyawards.com/winners/2015/mobile-sites-apps/handheld-devices/sports-handheld-devices/|title=Sports (Handheld Devices)}}</ref>
* [[Webby Award]]s: Judges Selection: Best Sports App (Handheld Device)<ref>{{Cite web |title=Sports (Handheld Devices) |url=http://www.webbyawards.com/winners/2015/mobile-sites-apps/handheld-devices/sports-handheld-devices/}}</ref>
* Webby Awards: People's Choice Award: Best Mobile Sports App<ref>{{cite web|url=http://www.webbyawards.com/winners/2015/mobile-sites-apps/handheld-devices/sports-handheld-devices/fanduel/|title=FanDuel|website=WebbyAwards.com}}</ref>
* Webby Awards: People's Choice Award: Best Mobile Sports App<ref>{{Cite web |title=FanDuel |url=http://www.webbyawards.com/winners/2015/mobile-sites-apps/handheld-devices/sports-handheld-devices/fanduel/ |website=WebbyAwards.com}}</ref>
* Inc Magazine: Best Industries<ref name="Inc.com">{{cite web|url=http://www.inc.com/jeff-bercovici/best-industries-2015-fantasy-sports-services.html|title=Dominating Fantasy Sports, One Day at a Time|work=Inc.com|date=4 February 2015}}</ref>
* [[Fantasy Sports Trade Association]] (FSTA) Best Daily Fantasy Sports Contest, Best Daily Fantasy Mobile App and Best Fantasy Live Event.<ref>{{cite web|url=http://fsta.org/fsta-announces-2015-industry-award-winners/|title=FSTA Announces 2015 Industry Award Winners |publisher=FSTA |date=17 February 2019}}</ref>

=== 2014 ===
* FSTA's Best Daily Fantasy Product for both Web and Mobile<ref name="fsta.org">{{cite web|url=http://www.fsta.org/?AwardWinners|title=FSTA Award Winners - Fantasy Sports Trade Association|work=fsta.org|date=17 February 2019}}</ref>

=== 2013 ===
* FSTA's Best Fantasy Contest<ref name="fsta.org" />
* Nominated for the Europas Best Gaming or Social Games Start Up 2013<ref>{{Cite web |url=http://www.theeuropas.com/p/peoples-choice/507 |title=FanDuel &#124; Best Product &#124; the Europas &#124; Europe's most prestigious tech event |access-date=2013-02-12 |archive-url=https://web.archive.org/web/20130120034653/http://www.theeuropas.com/p/peoples-choice/507 |archive-date=2013-01-20 |url-status=dead }}</ref>
* Mashable Sports Innovation Index Winner 2012<ref>{{cite web|url=http://www.fanduel.com/insider/2012/12/17/fanduel-wins-the-mashable-2012-sports-innovation-index-award/|title=FanDuel Wins the Mashable 2012 Sports Innovation Index Award!|work=FanDuel Insider}}</ref>

=== 2012 ===
* Mashable's Sports Innovation Index & FSTA Most Outstanding Fantasy Contest<ref>{{cite web|url=http://mashable.com/2012/12/11/innovation-index-winners/|title=Mashable|author=Lauren Drell|website=[[Mashable]]|date=11 December 2012}}</ref>

=== 2010 ===
* Techcrunch Best Sports and Entertainment Award<ref>{{cite web|url=http://www.pehub.com/183641/fanduel-closes-series-c/|title=PE HUB » FanDuel Closes Series C|work=PE HUB}}</ref>
* Heraldscotland.com Global Ambition Award<ref>http://www.heraldscotland.com/business/corporate-sme/digital-business-awards-to-show-how-technology-can-aid-success-1.1048379 {{Dead link|date=February 2022}}</ref>
* TechCrunch's Best Sports and Entertainment Startup<ref>{{cite web|url=https://techcrunch.com/2010/11/20/the-europas-european-startup-awards-2010-the-winners-and-finalists/|title=The Europas European Startup Awards 2010 – The Winners and Finalists|author=Mike Butcher|publisher=AOL|work=TechCrunch|date=20 November 2010 }}</ref>


==References==
==References==

Revision as of 08:58, 13 July 2024

FanDuel Group
Company typeSubsidiary
IndustrieOnline gambling
GegründetJuly 2009
HauptsitzNew York City, U.S.
Key people
Amy Howe
Matt King
Carl Vogel
David Nathanson
Nigel Eccles
Lesley Eccles
Rob Jones
Tom Griffiths
Chris Stafford
Number of employees
1,500[1]
Parent
Boyd Gaming (5%)
Websitewww.fanduel.com Edit this at Wikidata

FanDuel Group is an American gambling company that offers sportsbook, daily fantasy sports, horse racing, and online casino. The company operates sportsbooks in a number of states including New Jersey, Pennsylvania, Indiana and West Virginia, as well as an online horse race betting platform, and a daily fantasy sports service.[3][4][5]

The company was originally founded as a daily fantasy sports provider, and principally competed with DraftKings. In May 2018, amid the widening legalization of sports betting in the United States, FanDuel agreed to merge with the U.S. operations of Irish bookmaker Paddy Power Betfair (now Flutter Entertainment) to form FanDuel Group. The acquisition sought to leverage the company's existing brand recognition and user base, with FanDuel becoming the company's main U.S. brand.

History

FanDuel was founded by Nigel Eccles, Lesley Eccles, Tom Griffiths, Rob Jones and Chris Stafford on July 21, 2009 in Edinburgh, Scotland, as a pivot from Hubdub, a news prediction site, after taking in $1.2 million in venture capital funding from Pentech Ventures and Scottish Enterprise.[6][7][8] In 2010, FanDuel held its first "FanDuel Fantasy Football Championship (FFFC)." The event consisted of ten users who won entry into the event by winning a qualifying league throughout the NFL season. First place was awarded $25,000 and the total prize pool was $40,000.[9]

On January 30, 2013, FanDuel announced that it had closed an $11 million Series C funding round. In September 2014, the company announced $70 million in Series D funding. In July 2015, FanDuel announced a Series E funding round of $275 million[10] leading the company to be valued at over a billion dollars.

In May 2015, FanDuel hired 38 of 42 employees that were laid off by Zynga 365 sports. Shortly after announcing the Series E fundraise, FanDuel acquired sports analytics company numberFire. Then in July 2015 FanDuel made its second acquisition in app developer Kotikan. Kotikan developed FanDuel's mobile app, and it was decided that they would be brought in house to help further develop mobile offerings.[11] In September 2015, FanDuel acquired the esports focused DFS service AlphaDraft.[12]

In October 2015, The New York Times reported that an employee of DraftKings inadvertently released data before the start of the third week of NFL games and won $350,000 on the FanDuel website.[13] DraftKings stated that the employees could not have used their information to make decisions about FanDuel lineups. FanDuel and DraftKings have since prohibited employees from playing in contests for money on rival websites.[14] At the time of the incident the company released a statement that DraftKings' employees had won up to 0.3% of the $2 billion of prize money that FanDuel has given out. In a separate analysis it was shown that 91% of the player profits at DraftKings and FanDuel were won by just 1.3% of players on the website.[13]

On November 18, 2016, DraftKings and FanDuel announced an intent to merge. The combined company would serve over five million users.[15] On June 19, 2017, the Federal Trade Commission (FTC) announced that it would seek a preliminary injunction to block the then proposed merger. The FTC stated that the proposed transaction would give the combined company 90% of the DFS market, which it considered to be a monopoly position.[16] The merger was subsequently terminated.[17][18]

In September 2017, FanDuel and DraftKings each paid $1.3 million to settle with the Massachusetts Attorney General's office over allegations of unfair and deceptive practices by the companies prior to 2016.[19] In November 2017, Nigel Eccles left the company. He was replaced as CEO by Matt King, who was previously CFO.[20] Co founder Tom Griffiths left the company shortly thereafter, replaced by Nik Bonaddio, formerly of NumberFire, as Head of Product.[21]

Acquisition and expansion

In May 2018, Ireland-based bookmaker Paddy Power Betfair (now Flutter Entertainment) announced its intent to acquire FanDuel. Paddy Power Betfair planned to contribute $158 million and merge its existing assets in the United States (which also include the horse racing oriented cable networks TVG Network and TVG2) into FanDuel; Paddy Power Betfair holds a 61% controlling stake, with the option to increase its stake to 80% and 100% over time.[22]

The merger came in the wake of the Professional and Amateur Sports Protection Act of 1992 — which effectively outlawed sports betting in almost all states in the United States — being declared unconstitutional by the Supreme Court. FanDuel had been preparing to offer a sports wagering platform, while Paddy Power Betfair stated that the merger would make it "exceptionally well placed to target the prospective sport betting opportunity."[22] FanDuel will serve as Paddy Power Betfair's primary operating brand in the United States.[23]

The acquisition was completed on July 11, 2018, with FanDuel and Paddy Power Betfair's US operations merged to form FanDuel Group.[24] The FanDuel board valued FanDuel's stake in the merger at $465 million, which was significantly lower than FanDuel's internal valuation and resulted in a $120 million lawsuit in Scottish court by the company founders including Lesley Eccles, the former head of marketing for FanDuel.[25][26] On February 25, 2020, over 100 former employees, company founders and early investors filed suit in New York against FanDuel's board for breach of fiduciary duty in allegedly undervaluing FanDuel to enrich themselves.[27][28][29]

A few days after the merger was completed, FanDuel opened its first branded sportsbook at the Meadowlands Racetrack in New Jersey.[30][31] In March 2019, a FanDuel sportsbook opened at Valley Forge Casino Resort in Pennsylvania.[32] FanDuel also offers online sports betting in Indiana, New Jersey, Illinois, Pennsylvania, West Virginia, and New York.[33][34][35]

In August 2018, FanDuel announced that it had partnered with Minute Media to create The Duel, a new site for fantasy/sports betting information generated by fans.[36]

In February 2020, FanDuel reached an agreement with Scientific Games to serve as the technology partner for its current and future sports betting operations.[37]

In December 2020, Flutter Entertainment announced that it had increased its stake in FanDuel Group to 95% in a $4.1 billion cash-and-stock deal.[38] In May 2021, FanDuel announced that CEO Matt King would be stepping down after four years with the company.[39] In 2021, the company began to launch the online casino FanDuel Casino in selected states.[40][41]

In August 2022, FanDuel announced the re-launch of TVG Network—a co-owned horse racing cable network—as FanDuel TV. The channel would continue to primarily carry live coverage of horse racing events, but would expand its coverage of mainstream sports from a gambling perspective.[40][41]

Partnerships

In November 2018, FanDuel announced a multi-year agreement to become a sports betting partner, and official daily fantasy sports partner, of the National Hockey League. The company announced a separate team sponsorship with the NHL's New Jersey Devils the same day, which includes in-arena sponsorship for FanDuel Sportsbook, and brand integration via team platforms.[42][43] FanDuel also partnered with The Volume in 2022.[44]

Awards and recognition

2016

  • Webby Awards: Judges Selection: Best Sports App (Handheld Device)[45]

2015

  • Webby Awards: Judges Selection: Best Sports App (Handheld Device)[46]
  • Webby Awards: People's Choice Award: Best Mobile Sports App[47]

References

  1. ^ Sayre, Katherine (5 February 2021). "FanDuel's CEO on Why It Doesn't Matter if the Super Bowl Makes Money". Wall Street Journal. Retrieved 7 February 2021.
  2. ^ "Fox files lawsuit against Flutter over FanDuel ownership stake as IPO looms". CNBC.
  3. ^ Reagan, Brad. "A Fantasy Sports Wizard's Winning Formula". Wall Street Journal.
  4. ^ DiFino, Nando. "Instant Gratification in Daily Fantasy Sports Over Traditional Leagues". Wall Street Journal. Retrieved 18 March 2012.
  5. ^ Brennan, John. "FanDuel Crossover Customers Fueled Major Growth In 2019". New Jersey Online Gambling.
  6. ^ "Fresh from $275M funding round, fantasy sports firm FanDuel acquires app development firm Kotikan". 20 July 2015.
  7. ^ King, Bill (6 February 2012). "FanDuel delivers daily dose of fantasy. games". SportsBusiness Journal. Retrieved 18 March 2012.
  8. ^ Butcher, Mike. "FanDuel turns fantasy sports betting into a social game". TechCrunch. Retrieved 18 March 2012.
  9. ^ "2010 FFFC Final Standings & Winning Lineup". rotogrinders.com.
  10. ^ Lora Kolodny (14 July 2015). "Fantasy Sports Create Billion-Dollar Startups". WSJ.
  11. ^ Butcher, Mike. "After Raising $275M, FanDuel Acquires App Developer Kotikan". Kotikan.
  12. ^ "FanDuel acquires AlphaDraft to get into esports". 24 September 2015.
  13. ^ a b Gaines, Cork. "DraftKings employees reportedly won nearly $6 million playing daily fantasy sports at rival FanDuel". Business Insider.
  14. ^ Needleman, Sarah. "FanDuel, DraftKings Ban Employees From Playing Daily Fantasy Contests for Money". Wall Street Journal.
  15. ^ Berzon, Alexandra (18 November 2016). "DraftKings and FanDuel Agree to Merge". The Wall Street Journal. Retrieved 18 November 2016.
  16. ^ "The FTC is attempting to block the DraftKings-Fanduel merger". TechCrunch. Oath. 19 June 2017. Retrieved 19 June 2017.
  17. ^ Schiffer, Alex. Federal judge orders temporary stop to DraftKings, FanDuel merger. The Washington Post. 21 June 2017. Retrieved 3 August 2017.
  18. ^ Spangler, Todd (2017-07-13). "DraftKings, FanDuel Scrap Merger Plans After FTC Opposition". Variety. Retrieved 2017-07-13.
  19. ^ "DraftKings, FanDuel settle with Massachusetts for $1.3M apiece". ESPN. 7 September 2017.
  20. ^ "FanDuel CEO and co-founder Nigel Eccles is leaving to start an eSports company". 20 November 2017.
  21. ^ "Super Bowl: DraftKings, FanDuel launch new games with $1M jackpots". Archived from the original on 2018-02-26. Retrieved 2018-02-26.
  22. ^ a b Roettgers, Janko (2018-05-23). "FanDuel Acquired by Paddy Power Betfair". Variety. Retrieved 2018-07-09.
  23. ^ "FanDuel Plans Sports-Gambling TV Shows as Betting Parlors Open". Bloomberg.com. Retrieved 2018-07-31.
  24. ^ "Paddy Power Betfair, FanDuel Complete Merger; TVG Now Part Of FanDuel Group". Paulick Report. 11 July 2018. Retrieved 2018-07-31.
  25. ^ "FanDuel Founders Suing For $120 Million After They Got Nothing In Sale To Paddy Power Betfair". Legal Sports Report. 2018-08-15. Retrieved 2019-10-25.
  26. ^ "FanDuel founder bets on love with new app". Crain's New York Business. 2019-09-20. Retrieved 2019-10-25.
  27. ^ "FanDuel founders spin juicy tale in suit against KKR, Shamrock. The funds have a different story". Reuters. 2020-02-26. Retrieved 2020-09-09.
  28. ^ "FanDuel Founders, Former Employees Sue Over Getting Nothing in Deal". Wall Street Journal. 2020-02-25. Retrieved 2020-09-09.
  29. ^ "FanDuel Joins Indiana Fever". Retrieved 26 November 2023.
  30. ^ "FanDuel to open sportsbook at Meadowlands". ESPN.com. Retrieved 2018-07-31.
  31. ^ Nick Corasaniti (11 June 2018). "New Jersey Legalizes Sports Betting". The New York Times.
  32. ^ Gelman, Bill (March 14, 2019). "FanDuel Sportsbook Opening Festivities Just A Precursor To March Madness". Play Pennsylvania. Retrieved March 14, 2019.
  33. ^ Maykuth, Andrew (July 29, 2019). "Fantasy sports giant enters Pennsylvania betting market". The Philadelphia Inquirer. Retrieved October 28, 2019.
  34. ^ Waters, Matthew (November 7, 2019). "FanDuel Sportsbook Reports Strong Growth; Fox Bet Performs As Expected". Legal Sports Report. Retrieved November 7, 2019.
  35. ^ Grubb, Harrison (January 8, 2022). "Mobile sports betting launches in New York State". WTEN. Retrieved January 11, 2021.
  36. ^ "FanDuel, Minute Media Partner to Create Fan-Driven Fantasy, Betting Site". www.sporttechie.com. Retrieved 2019-10-25.
  37. ^ Palmeri, Christopher (3 February 2020). "'FanDuel Picks Scientific Games for Sports Betting Tech'". Bloomberg.com. Retrieved 2020-02-03.
  38. ^ Goldstein, Steve. "Flutter Entertainment strikes $4.2 billion deal to control most of FanDuel". MarketWatch. Retrieved 2020-12-10.
  39. ^ "Flutter-owned FanDuel on the hunt for new CEO as Matt King steps down". The Irish Times. 12 May 2021. Retrieved 3 June 2021.
  40. ^ a b Bennett Conlin,"North Carolina Online Casino Legalization Debate Begins". usbets.com. 21 August 2023. Retrieved 18 September 2023.
  41. ^ a b Todd Shriber,"FanDuel Profitable in First Half, Flutter Still Eyeing US Stock Listing". casino.org. 9 August 2023. Retrieved 18 September 2023.
  42. ^ "FanDuel Becomes Official Sports Betting Partner For NHL". Legal Sports Report. 2018-11-05. Retrieved 2018-11-06.
  43. ^ Thomas, Lucas (2018-11-05). "NHL Makes FanDuel Official DFS Partner, Devils Get In On Deal, Too". Casino.org. Retrieved 2022-05-12.
  44. ^ "The Volume, FanDuel Partner For Live Events". 21 October 2022.
  45. ^ "Sports".
  46. ^ "Sports (Handheld Devices)".
  47. ^ "FanDuel". WebbyAwards.com.
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