Flutter sells Oddschecker to Bruin Capital in £155m deal13th July 2021 7:49 am GMT
London-listed Flutter Entertainment has agreed to sell Oddschecker Global Media (OGM) in a deal which values the sports betting and gaming affiliate business at up to £155m.
Flutter will sell the affiliate business to New York-based venture capital and private equity firm Bruin Capital, receiving £135m in cash upon completion, with a further deferred contingent consideration of up to £20m.
Launched in 1999, Oddschecker has over 120 clients with operations in the UK, US, Italy and Spain. It also owns gaming media brands CasinoSmash, Vime and WhoScored. Flutter acquired Oddschecker as part of its acquisition of The Stars Group.
“Oddschecker Global Media is a dynamic company with tremendous potential,” said Bruin Capital founder and CEO George Pyne. “The team has deep, fact-based intelligence and experience with the mindset and needs of bettors at every level. They've turned that into a very diversified, service-oriented business that uplifts its partners and its own interests.
“This, along with best-in-class content and technology capabilities, is how the company became so successful. 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.”
Oddschecker Global Media CEO Toby Bentall said that over the last 21 years, the company had grown to become the UK's leading sports betting affiliate, achieved through the hard work of its 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 liberalization of online gambling legislation has created a highly-attractive market for our business,” said Bentall. “Today's transaction brings in Bruin Capital as our new owner, who will support us in the exciting next phase of our development.
“Bruin brings a broad international network, has an excellent track record of building business, and valuable experience in the global sports, media, entertainment, marketing, and technology sectors. The sale crystallizes value for Flutter Entertainment that has been created in Oddschecker Global Media over the last two decades, and for the first time in nearly 15 years means Oddschecker Global Media will be fully independent from its sports betting partners, allowing it to continue in its ambition to become the world's best betting experience.”
The transaction is expected to close in the third quarter of 2021.
Shares in Flutter Entertainment plc (LSE:FLTR) closed down 2.13 per cent at 12,630.00 pence per share in London Monday.