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Flutter Ent. Sells Oddschecker Global Media for $215 Million
By Jeff Osienya Jul 15, 2021 IndustryIreland-based Flutter Entertainment sells its affiliate marketing subsidiary Oddschecker to private equity firm Bruin Sports Capital for $215 million. Bruin plans to take Oddschecker global but with a focus on the burgeoning US gaming market.Flutter Entertainment, the holding gaming company that arose from the merger of Paddy Power and Betfair in February 2016 has announced the sale of Oddschecker Global Media, its affiliate marketing arm, to private equity group Bruin Sports Capital for $215 million (£155 million).
Flutter disclosed information about the sale on Monday, revealing that it has penned an agreement with Bruin to receive an upfront cash payment of $187 million (£135 million) and a deferred contingent of up to $28 million (£20 million). The sale is expected to be closed in the third quarter of this year, with Flutter citing its plan to focus on the growth strategy of its core global gaming brands.
After Flutter announced the Oddschecker sale, George Pyne, the Founder and CEO of Bruin, shared a few words outlining his plan to ‘globalize Oddschecker’ in a bid to dominate the odds comparison business. He added that:
Quote“Oddschecker Global Media is a dynamic company with tremendous potential. 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.”
Before founding Bruin Capital in January 2015, George Pyne held various executive roles in prominent sports and entertainment companies. He worked at NASCAR for over a decade since 1995, starting as Head of New Business Development before climbing up the ladder to become the Chief Operating Officer. After NASCAR, he served as a Board Member and President of Sports and Entertainment at IMG, a New York-based global sports and talent management company, from 2006 to 2014.
The acquisition of Oddschecker will be the first gambling-related investment for Bruin Capital, a firm that primarily focuses on sports and private equity. In addition, Bruin has spent about half a billion dollars in acquiring technological assets, including the buyouts of ad tech company TGI Sport and data analytics company Two Circles. And overall, the odds comparison brand will be the 23rd add-on or principal investment of the private equity group.
Oddschecker Global Media is Changing Hands for the Fourth Time
Founded in 1999, Oddschecker Global Media currently offers odds comparisons for more than 100 bookmarkers in Europe and the US on thousands of sporting events from different parts of the globe. For the 20 plus years that it has been in operations, the platform had been UK’s most trusted affiliate and b2c partner.
Every second, Oddschecker handles 8,000 line changes and updates as much as 260 million odds every single day. Furthermore, according to a recent Barclays research study, the brand influences up to 10% of all bets placed in the UK. This is approximately £3 billion worth of stakes every year. Oddschecker also offers tips, promotions, and data for gamblers.
The brand owns a range of casino affiliate websites, including the likes of Casino Smash and PokerNews, as well as a football statistic portal, WhoScored.com, which it purchased in September 2019.
With the sale to Bruin Sports Capital confirmed, this will be the fourth time that Oddschecker is changing hands since it was founded. Sky Betting and Gaming (SBG) acquired the company in 2007, then when the Stars Group bought out SBG in 2018, Oddschecker’s parent company changed. Come 2019, when the Starts Group brand combined its business with Paddy Power Betfair to form Flutter Entertainment, Oddschecker was handed over to a different entity for the third time.
The CEO of Oddschecker Global Media, Toby Bentall, welcomed the transfer of ownership as the company steps into the next phase of its global expansion strategy in a briefing as follows:
Quote“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. 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.”
Interestingly, this is the first time in nearly one and a half decades that Oddschecker will become a subsidiary of an entity completely independent of its operator affiliates. According to Toby Bentall, this refreshing change puts it in a better position to pursue its goal of becoming the best betting experience in the world.
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