Flutter Entertainment Agrees to £155m Sale of Oddschecker

Betting operator Flutter Entertainment has agreed to sell Oddschecker Global Media to Bruin Capital for £155m ($215m). [Image: Shutterstock.com]

Bruin to take the reins

Gambling giant Flutter Entertainment has reached a deal to sell betting odds comparison and sports data company Oddschecker Global Media for a consideration of £155m ($215m). If the deal goes through, it will represent the fourth time the company has changed hands since its inception in 1999.

Bruin Capital, the second party in the agreement, announced the deal in a press release on Monday. It will be the first gambling-related investment for the sports focused private equity firm, which is led by former NASCAR executive and IMG president George Pyne as CEO and founder.

a dynamic company with tremendous potential”

In announcing the news, Bruin praised Oddschecker for its trusted reputation across several countries and wide-reaching client base. “Oddschecker Global Media is a dynamic company with tremendous potential,” Pyne said. “The team has a deeply, fact-based intelligence and experience with the mindset and needs of bettors at every level.”

As part of the agreement, Bruin will pay Flutter £135m ($187.3m) in cash upon completion of the sale. Flutter will then receive a further £20m ($27.8m) in the form of contingent considerations. Bruin expects the deal to close in the third quarter of 2021.

Sights on international expansion

In a statement released Monday, Bruin chief executive Pyne outlined the company’s plans for Oddschecker once the takeover is complete. The majority of the brand’s success to date has come from the UK market. However, Pyne said the company will aim to “globalize Oddschecker” with a particular focus on the US.

There are strong links between Oddschecker’s UK development and its opportunity in the US”

“We see opportunities for continued growth, and particularly in America,” the executive commented. “There are strong links between Oddschecker’s UK development and its opportunity in the US, where the marketplace is very fragmented, and discovery and customer acquisition experts will be highly sought-after.”

Meanwhile, Toby Bentall, CEO of Oddschecker, expressed excitement at the “exciting opportunities” ahead in both the UK and internationally. He said the sale would allow the company to capitalize on the progress made by Flutter “to become the world’s best betting experience.”

Flutter to focus on core business

Flutter took over Oddschecker in 2020 through its £10bn ($13.86bn) merger with The Stars Group. At the same time, its rival Entain removed its brands from the odds comparison website – something which allegedly played a part in Flutter’s ultimate decision to sell the company. According to reports earlier this year, Flutter CEO Peter Jackson is also hoping a sale will allow the company to focus on the expansion of its core operations.

Much of Flutter’s core business now centers around the US. The company bought a majority stake in sportsbook operator FanDuel shortly after the repeal of the Professional and Amateur Sports Protection Act in May 2018. Last December, the company purchased another 37.2% stake in the US betting business, bringing its total stake up to 95%. Flutter recently confirmed its intention to publicly list the company.

Source link

Related Articles

Back to top button