Flutter is the holding company for a range of international sports betting and gaming brands; Paddy Power, Betfair, Sportsbet, FanDuel, TVG and Adjarabet. The Irish and British gambling operator, Flutter Entertainment has recently agreed to a deal worth as much as $4.2 billion. The arrangement will see the company acquire another 37.2% stake in the US online sports book operator FanDuel Group.
The 37.2% interest acquisition in FanDuel which is currently held by Fastball Holdings is conditional on Flutter shareholder approval. Fastball Holdings, consists of Google Ventures, KKR and Company Incorporated, Verizon Ventures, NBC Sports Group, Shamrock Ventures and Comcast Ventures.
Flutter Chief Executive Officer , Peter Jackson commented on the deal, “Flutter’s initial acquisition of a controlling stake in FanDuel in 2018 has been transformational for the shape of the Group. Our number one position in the crucial US market is built on many of the assets we acquired through that transaction, supported by the broader Group’s capabilities. Our intention has always been to increase our stake in the business and I’m delighted to be able to do so earlier than originally planned and at a discount to its closest peer. I would like to take this opportunity to thank our partners in Fastball for their tremendous support over the last 2½ years and for their ongoing commitment to Flutter as soon-to-be shareholders in the wider Group. We look forward to continuing to grow our US business, alongside our key media partner FOX, as further states move to regulate sports betting and gaming.”
Lachlan Murdoch, Executive Chairman and CEO of Fox Corporation also commented on the arrangement, “We are delighted to participate in this capital raising. Maintaining our ownership stake in Flutter signifies our long-term commitment to Flutter, and ongoing confidence in management’s ability to execute against the fast growing US opportunity. FOX’s audiences have proven to be highly engaged with free to play and wagering content, and we are excited to offer them access to products from Flutter’s market leading stable of US brands.”
