FanDuel
Nigel Eccles, Lesley Eccles, Tom Griffiths, Rob Jones and Chris Stafford stood in a room in Edinburgh on the 21st of July 2009. They launched FanDuel as a daily fantasy sports provider after pivoting from Hubdub, a news prediction site. The team secured $1.2 million in venture capital funding from Pentech Ventures and Scottish Enterprise to get started. By May 2015, the company had hired 38 of 42 employees laid off by Zynga 365 sports. This aggressive hiring strategy helped scale operations quickly during a period of rapid expansion.
On the 30th of January 2013, FanDuel announced an $11 million Series C funding round while competing directly with DraftKings. An incident in October 2015 saw a DraftKings employee win $350,000 on FanDuel using data released before NFL games began. At that time, FanDuel stated DraftKings' employees won up to 0.3% of the $2 billion prize money distributed. A separate analysis showed 91% of player profits came from just 1.3% of users across both platforms. On the 18th of November 2016, the two companies announced plans to merge into a combined entity serving over five million users.
The Federal Trade Commission blocked the proposed merger between FanDuel and DraftKings on the 19th of June 2017. The agency argued the deal would create a monopoly holding 90% of the daily fantasy sports market. Both companies paid $1.3 million to settle allegations of unfair practices with the Massachusetts Attorney General's office in September 2017. Following these legal challenges, co-founder Nigel Eccles left the company in November 2017. Matt King took over as CEO after previously serving as CFO.
Ireland-based Paddy Power Betfair agreed to acquire FanDuel in May 2018 amid changing U.S. gambling laws. The deal valued FanDuel's stake at $465 million, significantly lower than internal estimates. This discrepancy led to a $120 million lawsuit filed by founders including Lesley Eccles in Scottish court. Over 100 former employees and early investors sued again in New York on the 25th of February 2020 for breach of fiduciary duty. By December 2020, Flutter Entertainment increased its stake to 95% through a $4.1 billion cash-and-stock transaction.
FanDuel opened its first branded sportsbook at Meadowlands Racetrack in New Jersey shortly after completing its merger in July 2018. A second location followed at Valley Forge Casino Resort in Pennsylvania during March 2019. As of January 2026, the company operated online sportsbooks in 23 states plus Ontario and Puerto Rico. Retail locations existed in 15 states while daily fantasy contests reached over 40 states under varying regulations. In November 2025, FanDuel launched prediction markets to operate where traditional betting remains illegal.
The National Hockey League signed a multi-year agreement with FanDuel in November 2018 as an official partner. The deal included team sponsorship with the New Jersey Devils featuring in-arena branding and digital integration. In 2020, FanDuel became the PGA Tour's official odds provider through a renewable contract extending to 2027. This partnership added tournament telecast sponsorships and market access agreements for North Carolina by 2023. Flutter Entertainment reported $5,798 million in U.S. segment revenue for the year ending the 31st of December 2024.
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Common questions
When was FanDuel founded and by whom?
FanDuel launched on the 21st of July 2009. The company was founded by Nigel Eccles, Lesley Eccles, Tom Griffiths, Rob Jones, and Chris Stafford.
What happened to the proposed merger between FanDuel and DraftKings in 2017?
The Federal Trade Commission blocked the merger on the 19th of June 2017 because it would create a monopoly holding 90% of the daily fantasy sports market. Both companies paid $1.3 million to settle allegations with the Massachusetts Attorney General's office in September 2017.
Who acquired FanDuel in May 2018 and for how much?
Ireland-based Paddy Power Betfair agreed to acquire FanDuel in May 2018. The deal valued FanDuel's stake at $465 million before Flutter Entertainment increased its ownership to 95% through a $4.1 billion transaction in December 2020.
How many states does FanDuel operate online sportsbooks in as of January 2026?
As of January 2026, FanDuel operates online sportsbooks in 23 states plus Ontario and Puerto Rico. Retail locations exist in 15 states while daily fantasy contests reach over 40 states under varying regulations.
Which major sports leagues have partnered with FanDuel since 2018?
The National Hockey League signed an agreement with FanDuel in November 2018 as an official partner. FanDuel became the PGA Tour's official odds provider in 2020 through a contract extending to 2027.