Paddy Power Betfair Share News (PPB)

(Sharecast News) - Paddy Power Betfair announced on Friday that its subsidiary, FanDuel Group, has entered into an agreement with Boyd Gaming to co-operate in the US sport betting and online casino markets.The FTSE 100 bookmaking firm said that under the agreement, subject to "favourable legislation" and regulatory approvals, FanDuel would gain market access for its sports book and online gaming products in several states, and would provide Boyd Gaming with technology and related services to operate Boyd Gaming-branded mobile and online sports betting and gaming services, in those states.It said the agreement would cover all states where Boyd Gaming currently held gaming licenses, excluding Nevada, and any states in which it acquired 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," Paddy Power Betfair said in its statement.As part of the transaction, Boyd Gaming would also take a 4% equity stake in FanDuel Group, and have an option to purchase a further 1% stake.