Paddy Power Betfair and FanDuel Successfully Complete Merger of US Businesses

Paddy Power Betfair (LON:PPB) and FanDuel confirmed today that they have
closed their previously announced merger, combining Paddy Power
Betfair’s US businesses with FanDuel. The combination creates the
largest online sports destination in the United States, with a range of
products and experiences for all sports fans.

The new company embodies the strengths of TVG, Betfair US and FanDuel
and brings together the brilliant talent, technological expertise, and
shared resources to capture the US market opportunity in front of us,”
said FanDuel CEO Matt King, who will serve as CEO of FanDuel Group.
“This is a pivotal time for the sports world in general, and we are
poised to build upon our individual successes and join forces to build
the best fan experience in the sports industry.”

This announcement comes on the heels of Betfair US announcing a
long-term agreement to provide online, mobile, and retail sports betting
products at Meadowlands Racetrack in New Jersey and, subject to
legislation, Tioga Downs in New York. FanDuel Group will launch its
first FanDuel-branded retail sportsbook at the Meadowlands Racetrack in
coming weeks. FanDuel also partnered with The Greenbrier Resort in West
Virginia to provide sports betting services earlier this month.

FanDuel CEO Matt King will serve as CEO of the newly combined company
and Betfair US CEO Kip Levin will become President and COO, and remain
in his role as CEO of TVG where he will oversee the horseracing and
television businesses. Paul Rushton, currently Commercial Finance
Director of Paddy Power Betfair, will become the CFO of FanDuel Group.

The new company will operate as FanDuel Group, and will consist of a
number of industry-leading brands including FanDuel, TVG Network,
Betfair Casino, and DRAFT. TVG, the top online horseracing wagering
business in the US, will play a key role in the combined business as it
leverages the FanDuel brand’s broad reach to bring a whole new
generation of fans to racing. TVG is the only dedicated US horseracing
television network consisting of two channels, TVG and TVG2, which are
broadcast daily into over 45 million homes.

The combined business will have a presence across 45 states, 8 million
customers, and $265 million in annual revenue making it a leader across
daily fantasy sports, horseracing wagering, and gaming ahead of the
opening up of US sports betting.

For exclusive updates on upcoming products and announcements, please
visit www.fanduel.com/sportsbook.

About FanDuel Group

FanDuel Group is an innovative sports-tech entertainment company and the
premier sports gaming destination, committed to changing the way
consumers engage with their favorite sports, teams, and leagues
worldwide. The company consists of a portfolio of leading brands across
gaming, daily fantasy sports, advance-deposit wagering, and TV/media,
including FanDuel, Betfair US, DRAFT and TVG. FanDuel Group has a
presence across 45 states and 8 million customers. The company is based
in New York with offices in California, New Jersey, Florida, Oregon, and
Scotland.

About Paddy Power Betfair

Paddy Power Betfair plc is one of the leading sports betting and gaming
groups in the world. The business has four divisions: Online, which runs
two of Europe’s leading online sports betting and gaming brands, Paddy
Power and Betfair, as well as a telephone based sportsbook and a number
of B2B partnerships, Australia, consisting of Sportsbet, the market
leader in the fast-growing Australian online betting market, US, which
combines TVG, America’s leading horseracing TV and wagering network,
Betfair Casino, an online casino in New Jersey, the Betfair New Jersey
Exchange and DRAFT, an early-stage operator in daily fantasy sports, and
Retail, which operates 623 Paddy Power betting shops across the UK and
Ireland.

View source version on businesswire.com: https://www.businesswire.com/news/home/20180711005437/en/

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