The new company will be called FanDuel Group and will operate brands including FanDuel, TVG and Betfair Casino. Paddy Power owns 61 per cent of FanDuel Group, with existing FanDuel investors owning 39 per cent. The deal had been revealed in May of this year.
FanDuel, which is based largely in New York as its main businesses are in America, still maintains a significant presence in Scotland. It grew to become one of two Scots unicorns, with a $1 billion valuation, alongside Skyscanner.
FanDuel lets its customers make bets on fantasy sports games, centred around the likes of NFL American football and NBA basketball.
Paddy Power Betfair chief executive Peter Jackson said: “This combination creates the industry’s largest online business in the US.”