Flutter Entertainment-owned operator Paddy Power has launched its first daily fantasy sports product for players in the UK and Ireland.

Rolled out ahead of the start of the new NFL season, Paddy Power Fantasy is similar to the DFS offering developed by Flutter Entertainment’s FanDuel brand and is based around a defined salary cap.

Paddy Power’s product development team worked closely with their counterparts in the US to develop the product, which allows players to select multiple line-ups for one game or to enter a specific game, rather than relying on the outcome of every single match across the whole season.

For the opening weekend of the NFL season, Paddy Power Fantasy customers will have access to hundreds of contests, as well as two headline contests, with the larger of the two paying out £3.5m.

The winner will receive a prize of £1m, with cash prizes available to players through to 100,000th place. The large bonus pools are a result of customers in the UK and Ireland being in a shared liquidity pool with FanDuel customers in the US.

“This has been a truly collaborative effort from our teams in the UK and the US, who have worked closely to create a new, exciting product for customers in UK and Ireland,” Paddy Power said in a statement. “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.”

Shares in Flutter Entertainment plc (LSE:FLTR) were trading up 0.74 per cent at 6,816.00 pence per share in London Monday morning.