Flutter Entertainment, the owner of FanDuel and Paddy Power, among other brands, said Monday it is to sell a division of its online gambling business, Oddschecker Global Media, to sports investment fund Bruin Capital for up to £155 million (USD 214.17 million).
Oddschecker Global Media includes a portfolio of sites that offer services like betting odds comparison and sports-related data. It is powered by a proprietary platform that has provided in-depth reviews and odds comparisons for over 100 bookmakers covering over 1000’s sporting events. It was previously part of the Canadian Stars Group, which Flutter merged with in 2019. The decision comes as Flutter has chosen to focus its business strategy on the growth of its core global gambling brands.
In a statement Monday, Flutter revealed that it has secured terms to receive £135 million in cash for Oddschecker, with Bruin agreeing to a further ‘deferred contingent’ of up to £20 million. The transaction is expected to close in the third quarter of 2021.
George Pyne, a former NASCAR executive and IMG President, is the CEO and Founder of Bruin, which is a sports-focused private investment group actively targeting acquisitions to build a ‘next-generation investment portfolio’ disrupting sports media, technology and entertainment markets. Bruin outlined its plans to ‘globalise Oddschecker’, maintaining a particular focus on the US market, in which it seeks to replicate Oddschecker’s UK success, and become the market’s dominant and trusted odds comparison portal.
“Oddschecker Global Media is a dynamic company with tremendous potential,” Pyne’s statement read. “The team has deep, fact-based intelligence and experience with the mindset and needs of bettors at every level. We see opportunities for continued growth, and particularly in America. 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.”
Oddschecker carries a 21-year legacy providing players with relevant bookmaker information and servicing over 120 industry clients, maintaining operations in the UK, US, Italy and Spain, according to Bruin.
Toby Bentall, CEO of Oddschecker Global Media, welcomed Bruin’s new ownership as vital to the next chapter of the company’s global expansion. “Over the last 21 years, Oddschecker Global Media has grown to become the UK’s leading sports betting affiliate, achieved through the hard work of our employees and valuable support from Sky Betting and Gaming and, more recently, Flutter Entertainment,” Bentall commented. “Looking forward, we have exciting opportunities both in the UK and internationally, especially in the US, where the liberalisation of online gambling legislation has created a highly-attractive market for our business.”
“The sale crystallises value for Flutter Entertainment that has been created in Oddschecker Global Media over the last two decades, and for the first time in nearly 15 years means Oddschecker Global Media will be fully independent of its sports betting partners, allowing it to continue in its ambition to become the world’s best betting experience,” Bentall concluded.