Flutter Entertainment Sells Oddschecker Global Media for Over $200 Million
Flutter Entertainment, the parent company of FanDuel and Paddy Power, recently made some moves. They sold a division of their online gaming business, which was Oddschecker Global Media, to Bruin Capital.
The deal was worth a little bit over $200 million, which was quite a lucrative offer in a hot betting market. Both parties appeared to have enjoyed the transaction to better outline their portfolios.
What Oddschecker Can Do for Bruin Capital
Oddschecker has a portfolio of sites that provide excellent services such as betting opportunities and sports information. The platform has been quite appealing to many as a go-to for real-time information.
The platform offers extensive reviews as well as the ability to compare and contrast odds among roughly 100 sportsbooks. In addition, these span over nearly 1,000 sporting events.
Flutter had merged with Canadian Stars Group in 2019, which also previously included Oddschecker. Flutter has stated that they are moving their sights to focus on the growth of their main gambling brands.
Flutter’s Money Moves
Flutter will receive $200 million for the closing of this transaction. Some of the money will be given upfront, while the rest is “deferred contingent” at a later date.
The deal is expected to close in the third quarter of this year. Fans should be able to notice changes, if any, by the time the holidays roll around.
The increased cash flow is great, but no word yet on exactly how the company plans to put the capital to use. Most likely, Flutter will look to expand their growth in the portfolio of gaming businesses.
There were some other lucrative offers made towards Flutter, but none were as competitive as the one Bruins Capital put forth. Flutter has a great opportunity to focus on their portfolio with one less attractive company to worry about and some cash in their pocket.
Bruin Capital Looking to Make Waves
Bruin Capital is in the process of helping globalize Oddschecker with their latest move. Their portfolio now features a list of excellent companies looking to dominate the betting market.
The success of Oddschecker was apparent in the UK but now has the ability to showcase their talent in the US. They have a lot of potential to become a fan favorite and have a better position moving forward.
Operations of Oddschecker span across the likes of the UK, US, Spain, and even Italy. These include nearly 120 clients over a 21-year operating timeline.
By becoming the leading sports authority in both the UK and other areas, they have dominated the market. As they move to the US and look to improve their market share, this should cause some stress on the competition.
Now for the first time in 15 years, Oddschecker is able to be a fully independent company to lead the way for sports betting. With this kind of attention, they will need to be focused on creating a one-of-a-kind experience in addition to growing.