Flutter Entertainment has announced its agreement to sell its affiliate subsidiary company Oddschecker, for $215.2 million to Bruin Capital, a private equity group.
A Private Equity Firm Acquires Oddschecker by the End of the 3rd Quarter
Flutter Entertainment, a holding company (created by the merger of Paddy Power and Betfair), has announced it would sell its Oddschecker affiliate marketing subsidiary to Bruin Capital, a private equity group, for up to $215.2 million (£155 million). The transaction would include a $190-million (£135 million) upfront payment and another $28 million (£20 million) on undisclosed conditions. The companies expect to close the deal by the end of the third quarter of this year.
Flutter acquired the affiliate subsidiary brand after merging with The Stars Group (TSG) last year. In July 2020, Entain, a rival operator (former GVC), removed a few of its brands from Oddchecker’s platform, including Ladbrokes and Coral, for commercial reasons. Flutter first announced its intent to sell Oddschecker in April.
Bruin aims to expand its offering and get a stronger foothold in the US, possibly through making agreements with teams and leagues. Led by George Pyne, Bruin’s portfolio includes Engine Shop, a marketing company, Deltatre, a sports media tech company, and Courtside VC, a venture capital company. The group has 2,000 employees across 40 offices.
Oddschecker Will Be Bruin’s 23rd Principal or Add-on Investment
With the gradual growth of the sports betting industry in the US, affiliate sites are thriving, making money through advertising and referring bettors to partnering sportsbook operators. New Jersey alone has more than 15+ operators in a very competitive environment, as they are all fighting for customer acquisition.
Oddschecker would be Bruin’s 23rd principal or add-on investment, started by Pyne in 2015. The company has spent around $500 million in technological assets, including its recent acquisitions of TGI Sport, an ad tech company, for $100 million and Two Circles, a data analytics company.
According to Pyne, Oddchecker has a huge potential and an opportunity in the fragmented market in the US. He said that discovery and customer acquisition experts would be sought after.
Oddschecker Updates 260 Million Odds per Day
Founded in 1999, Oddschecker has more than 120 clients in Europe and the US. Today, it is a well-known UK brand, offering tips, comparisons, promotions and data to players. It handles 8,000 line changes/second and updates 260 million odds every day.
The brand owns casino affiliate websites like PokerNews and Casino Smash. Its platform allows comparisons between other sites like Bet365 and William Hill, as well as other brands by Flutter Entertainment. The company has a football statistics portal, WhoScored.com, acquired in 2019.
Pyne said that Oddschecker’s team has deep knowledge, professional experience, and fact-based intelligence, knowing what the bettors need on every level. Oddchecker has turned into a successful service-oriented company, uplifting its partners and its company interest.