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Paddy Power Betfair Subsidiary Reaches Deal With Boyd Gaming

Paddy Power Betfair plc. (PPB.L) said that its subsidiary, FanDuel Group, reached an agreement with Boyd Gaming to co-operate in the U.S. sport betting and online casino markets.

As per the terms of the agreement, 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.

The 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.

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