The new company will operate as part of FanDuel Group, consisting of a number of FanDuel's and PaddyPower Betfair’s brand’s including, FanDuel, TVG Network, Betfair Casino, and DRAFT.

Together, the combined businesses operate over a combined 45 states in the US, with a reach of eight million customers, and $265m in annual revenue.

“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.”

The news follows Betfair US’s announcement that it has reached long-term agreements in both New Jersey and New York to operate sports books, at the Meadowlands Racetrack and Tioga Downs.

FanDuel have also said in a recent statement that they will be launching their first branded retail sportsbook at the Meadowlands Racetrack, although they have yet to specify when it will launch claiming that it will go live in the next few weeks.