The companies announced Monday a partnership that puts another piece into the puzzle of Paddy Power Betfair’s plans for the FanDuel brand in the United States. This deal appears to cover only the Garden State for now.
How will it work
IGT will be FanDuel’s sports betting platform provider, according to a press release:
FanDuel will leverage Paddy Power Betfair’s leading pricing, trading and risk management capabilities, which have been integrated into the IGT platform, along with a bespoke user interface to offer a best-in-class consumer experience. The joint solution operates under the widely known FanDuel brand as FanDuel Sportsbook.
What they’re saying about the deal
FanDuel CEO Matt King touted IGT’s reputation as a key reason for the agreement:
“We are delighted to choose IGT’s leading platform for our sports betting platform in New Jersey, starting with the recent ‘go live’ at the Meadowlands Racetrack,” King said. “When we evaluated sports betting platform provider partners in the U.S., IGT was the ideal choice, based on the Company’s proven history in the space and the quality, reliability and flexibility of the sports betting technology that it has deployed for customers around the world.”
IGT gains an additional foothold into New Jersey sports betting with the deal. It already operates the sports book at Borgata, an MGM Resorts property, in Atlantic City. IGT also serves as the state’s official vendor for Rhode Island sports betting.
“IGT’s sports betting technology combined with the expertise of FanDuel represents two experienced, complementary sports betting companies coming together to create a reliable, world-class sports betting experience in New Jersey,” said Enrico Drago, IGT Senior Vice President Interactive, Sports Betting, Licenses. “As sports betting in the U.S. continues to evolve, IGT is prepared to address the needs of its partners through proven solutions and technologies that can be deployed today to advance sports betting across land-based and mobile platforms.”
Meadowlands kicks off with dollars, questions
The FanDuel Sportsbook at Meadowlands opened last weekend, marking the fourth New Jersey sports betting location. The state went live with legal sports betting in June after winning its Supreme Court case against PASPA in May. One report indicates bettors wagered more than $1 million on opening weekend.
The opening lines at Meadowlands drew plenty of notice from industry insiders. The initial prices did not look competitive with Nevada sports betting or illegal offshore books. FanDuel’s prices this week appeared to adjust back closer to market norms.