Flutter Entertainment continues to grow its global footprint and doesn’t show any signs of wanting to slow down. The latest addition to its portfolio includes B2B iGaming software developer Singular, which has confirmed that it’s ready to hand over the keys to the castle. The company is giving Flutter 100% of its shares, allowing the latter to significantly expand its reach in the Commonwealth of Independent States (CIS) region.
Flutter Takes Over Singular
Flutter and Singular had a standing relationship that included collaboration on Flutter’s Adjarabet brand. This partnership was extended for five years this past March, allowing Singular to continue operating as Flutter’s iGaming and sports betting platform provider for the brand. The two are now taking their alliance to an entirely new level, with Flutter rolling Singular into its growing portfolio of companies.
Singular will soon be the engine behind other Flutter brands, including Paddy Power, Betfair, Sky Bet and even The Stars Group, according to an announcement by the company. It will give Flutter greater access to regulated markets in the CIS as it continues to take over the world. Asserts Singular co-founder and Chief Business Development Officer Darko Gacov, “This deal is a huge recognition of Singular and what we managed to build and it furthermore sets the foundation of an exciting next chapter. We look forward to exploring new challenges and opportunities, now being a part of the largest online betting and gaming company in the world.”
Flutter Gets a Boost through Singular Acquisition
The value of the deal hasn’t been released, but the acquisition could be responsible for a recent uptick in Flutter’s stock. Trading on the London Stock Exchange under the ticker FLTR, the stock was trading at £143.71 ($197.97) on Friday before starting to climb again. As of Friday afternoon, it had risen to £144.62 ($199.26), but slipped to £144.01 ($198.42) at the end of the day.
Despite the fluctuation, the acquisition will certainly give Flutter a boost over the coming months and, possibly, years. Sports betting and iGaming activity, although facing legal controversies, is wildly popular and will continue to gain strength in the region. Russia has attempted to cut access to online gaming, but has, for the most part, failed, and certain areas of the country where gambling is allowed are flourishing.
Flutter’s acquisition of Singular was, in part, managed with the assistance of Crowe UK and Partis Capital, two firms with extensive experience in mergers and acquisitions. Crow Corporate Finance Partner Matteo Timpani added of the deal, “It has been an absolute pleasure to support the Singular team throughout this transaction which represents another iGaming deal delivered by Crowe and Partis. The company and culture that the Singular shareholders managed to create is an amazing achievement. We look forward to watching both Singular and Flutter flourish following this important strategic acquisition and wish them every success in the future.”