It's official, the Hodag is now listed as a Fantastic Beast, compliments of J.K. Rowling and her newest edition of Fantastic Beasts and Where to Find Them!
The abbreviated description of a traditional hodag, Happy being anything but, is as follows from Pottermore.com:
Last, but not least, is the Hodag, a frog-headed creature with long fangs and red glowing eyes. Reputed to be the size of a large dog, the Hodag model looks powerful and rather like a hyena.
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