Paddy Power has recently rolled out its very first daily fantasy sports product, made available to players in the UK and Ireland. As a result, the players were able to join hundreds of contests in the NFL season’s opening weekend.
Paddy Power partnered with FanDuel to develop the new DFS product, which is similar to the one that’s available to US players. They worked closely to develop a product that will enable players to choose more than one team per game as well as a specific game they want to enter, rather than simply relying on the outcome of matches for the entire season.
In the statement released by the company, Paddy Power said this exciting new product is the result of a truly collaborative effort between them and FanDuel. “We believe there is a real appetite for a fantasy-based product that offers rewards each week while reducing the burden of regularly updating a team. While the NFL market will be the most popular, to begin with, we think this will shift toward other sports, including football, through a mixture of cross-selling and product marketing,” the company said in their statement.
Among the hundreds of contests players were able to join during the NFL opening weekend were two headline contests, with the larger one paying out £3.5 million. The cash prizes were taken from a pool where customers of both Paddy Power and FanDuel contributed.
Similar to the English Premier League’s Fantasy Football Game, this new product will also have a salary cap. The brand is hoping that it will also enjoy the same level of success currently being enjoyed by the Fantasy Football Game. The product can be accessed online or through the bookmaker’s mobile app.
Along with the launch of their new DFS product, Paddy Power has also announced that betting on a general election called on Monday is suspended, making them the first bookmaker to withdraw from the UK political market in 2019. According to the company’s spokesperson, “Boris Johnson’s cabinet meeting announcement has sent the betting on a general election to take place this year into overdrive. And, as a result, we’ve been forced to stop taking any further bets on it.”
Their press release also stated that the odds of the election fell from 2/5 Monday morning to 1/5, and then 1/10 in the hour before they suspended betting. “The Tories are currently the odds-on 3/10 favorites to win the election, with Labour rated 7/2 and the Liberal Democrats 16/1. The news also makes the chances of Britain leaving without a deal more likely than ever,” said their spokesperson, adding that the odds of Britain leaving the EU with the deal are 4/6.
The latest news also has the pound sterling continuing its decline on currency markets. There are speculations about the reports of a possible general election having significantly contributed to this decline. Brexit is set to happen on October 31, and the Prime Minister has repeatedly insisted that the UK is prepared to leave without a deal.
Following these latest announcements from Paddy Power, shares of Flutter Entertainment plc, the company that owns both Paddy Power and FanDuel, were trading up 0.74% at 6,816 pence per share in London on Monday morning.