Flutter Entertainment is considering selling OddsChecker.com. It aims to sell it for approximately 209.7 million dollars (150 million Euros). (Image Source: Flutter.com)
Flutter Entertainment, an Irish and British iGaming behemoth is allegedly considering selling OddsChecker.com, a sports betting website that compares odds. The London-listed operator recently acquired the website and now reportedly wants to sell it for approximately 209.7 million dollars (150 million Euros).
It was gathered from a short report on the Evening Standard newspaper that Flutter Entertainment does not consider OddsChecker as one of its core brands. Flutter Entertainment already has many online gaming domains in their operation arena so they are pondering on a potential sale of the assessment platform. Some of their existing online gambling domains include Adjarabet.com, PaddyPower.com, and Betfair.com. Flutter Entertainment has now reportedly hired Moelis, a global investment bank to investigate and consider the option of selling OddChecker.com. the company believes that the sale will allow it to concentrate better on its ongoing expansion in the US.
Cancellation by The Competition
According to the newspaper report, Flutter Entertainment, which was formerly known as Paddy Power Betfair acquired OddsChecker.com website last year. The takeover was part of the company’s 11 billion Euros acquisition of The Stars Group Inc, a prominent iGaming company. OddsChecker initially attracted the Dublin-headquartered firm but later felt the impact when Entain, a rival online bookmaker, removed its brands including constant big-hitters Coral.co.uk and Ladbrokes.com from featuring on the comparison website.
Flutter Entertainment’s Foreign Focus
The assessment website allows enthusiasts of sports wagering to compare live odds on many events across several operators. However, the news of the potential sale of OddsChecker.com has reportedly reduced the price of Flutter Entertainment shares by 2% to 15,655p. Nevertheless, the operator is keen on disposing of the website so that it can be better prepared to float its FanDuel Group subsidiary in America partially. The subsidiary currently holds a 40% portion of the embryonic sports betting market in the United States.
Increase in Financials
The Chief Executive Officer (CEO) for Flutter Entertainment, Peter Jackson has purportedly been tasked to continue the expansion of his company’s major domestic operations two weeks after its aggregated annual income rose to 7.4 billion dollars (5.3 billion Euros) to mark a 28% increase. The increase allegedly came despite the firm’s associated pre-tax profit falling to 1.4 million dollars (1 million Euros) from 190 million dollars (136 million Euros) in 2019. The drop is largely attributed to the cost associated with its acquisition of The Stars Group Inc in May.
More Acquisitions By The Company
The high-rise firm now reportedly has a market value of about 37.7 billion dollars (27 billion Euros). It further continued to expand in the international market last month through a 66.2 million dollars (47 million Euros) deal to acquire a majority stake in Junglee Games, an online rummy innovator from India. The new alliance could lead to the launch of a brand new online poker domain facing India. It would sit alongside The Stars Group Inc.- the locally licensed service in partnership with Sugal and Damani Enterprises Ltd, (an Asian gaming operator) in 2019.
Leave A Comment