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Paddy Power Betfair agreement with Boyd Gaming

Paddy Power Betfair (LON:PPB) today announced that its subsidiary, FanDuel Group, has entered into an agreement with Boyd Gaming to co-operate in the U.S. sport betting and online casino markets. Under the terms of the agreement, subject to favourable legislation and regulatory approvals, FanDuel will gain market access for its sports book and online gaming products in several states and will provide Boyd Gaming with technology and related services to operate Boyd Gaming-branded mobile and online sports betting and gaming services, in those states.

This agreement will cover all states where Boyd Gaming currently holds gaming licenses, excluding Nevada, and any states in which it acquires a gaming license or market access in the future, including under Boyd Gaming’s recently announced market-access agreement with MGM Resorts International.

This agreement, along with FanDuel’s existing market access deals in New Jersey, New York and West Virginia, means it will potentially have access to 15 states nationwide.

As part of the transaction, Boyd Gaming will also take a 4% equity stake in FanDuel Group and have an option to purchase a further 1% stake.