Entain announced it reached a deal with sports betting grid Oddschecker to re-index its leading sports betting brands Ladbrokes and Coral.
Commercial Deal Paved the Return
The agreement reached between Entain and Oddschecker will see the two brands restored to the sports betting odds service that compared bookmakers’ offerings across various markets.
“We are delighted that we have been able to arrive at a deal that works for both parties and that Ladbrokes and Coral will be part of the service going forward.”Simon Gatenby, Performance Marketing Director, Entain
Ladbrokes, Coral and Betdaq left Oddschecker on July 9, 2020, after GVC Holdings failed to strike a commercial agreement with Flutter Entertainment, a major domestic and international competitor of GVC. By the time of the withdrawal, GVC claimed the decision was due to a review of the group’s media spend and has nothing to do with Oddschecker’s owner.
The sale of Oddschecker Global Media (OGM) to Bruin Capital a year after the brands’ withdrawal paved the way for their return to the popular sports betting odds comparison portal, while Bruin Capital became the fifth owner of the sports betting service that was previously owned by BskyB, CVC Capital, The Stars Group and Flutter Entertainment.
“We welcome Ladbrokes and Coral back to Oddschecker to be part of our exciting plans for 2022 under new ownership. We are pleased that the UK’s best price comparison site for betting has become even more comprehensive for our customers.”Toby Bentall, CEO, OGM Group
The third Entain brand which left the sports betting comparison grid, betting exchange Betdaq, changed hands again after Entain decided to sell it back to its founder Irish billionaire and horse racing magnate Dermot Desmond for an undisclosed sum.
Betdaq was established by Desmond in 2000 to compete with Flutter’s sports betting exchange brand Betfair, but the smaller brand never managed to challenge the market leader and has been struggling for liquidity since its inception.
Entain, which is always looking for M&A opportunities to expand into new markets, was recently a target of acquisition of its own after Boston-based daily fantasy and sports betting company DraftKings tabled a bid in the region of $22 billion for the gambling group.
Eventually, an intervention by Entain’s partner and BetMGM co-owner MGM Resorts threw a monkey wrench into the deal after requesting to buy out Entain’s share in BetMGM to avoid a direct competitor’s involvement in the brand.