The end of the year is an ideal time to wrap things up, and Flutter Entertainment (FLTR.L) is heading out of 2020 with no loose ends, after announcing earlier today that it has completed the acquisition of a 37.2% stake in FanDuel Group.
Flutter has bought out the share from Fastball Holdings for $4.2 billion and that grants the company almost full ownership of one of the leading sportsbooks in the United States
As a result, Flutter Entertainment now owns 95% in FanDuel, with Boyd Interactive Gaming retaining a 5% stake in the company. Previously, Flutter’s participation amounted to 57.8%. Flutter is paying $2.09 billion in cash and has issued 11.7 million new ordinary Flutter shares to Fastball.
FanDuel’s own valuation as a result of this deal is put at $11.2 billion. Flutter Entertainment has been one of the biggest movers in the industry, outpacing other established gaming giants thanks to its acquisition of The Stars Group (TSG) earlier in 2020.
Thanks to the deal, Flutter has been able to gain access to Fox Bet, which is tied to Rupert Murdoch’s Fox Corp. and is an ambitious sports betting venture which is vying against the likes of BetMGM and Barstool Sports.