Flutter Entertainment has reached an agreement to sell Oddschecker Global Media to Bruin Capital in a deal that is expected to be finalized in late 2021 and is worth an estimated €180M.
In a short statement, the company revealed that negotiations with sports investment fund Bruin Capital had come to an end with both parties agreeing to an initial cash purchase of €158M with a further deferred contingent payment of up to €23M.
In a press release issued shortly after the announcement, Bruin Capital CEO and founder George Pyne said:
“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.”
Speaking of the deal, Oddschecker Global Media CEO, Toby Bentall said:
“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.”
The acquisition will see Oddschecker changes hands for the fourth time since it was founded in 1999.
The announcement follows the recent news that Ladbrokes, Coral, and Betdaq has left the Oddschecker price grid after a breakdown in negotiations relating to a renewal price for their existing deal.