Dublin-based Flutter Entertainment has agreed to sell its sports betting odds comparison site, Oddschecker, to Bruin Capital for up to $218 million.
The US private equity firm said Monday it plans to repackage the largely UK-facing site for the emerging American sports betting market.
Oddschecker is essentially an Expedia for the betting industry, offering odds comparisons from over 100 bookmakers on thousands of sporting events, along with tips, promos, and data for gamblers.
It handles 260 million odds updates per day. And according to Barclays Research, it influences as much as 10 percent of all UK bets. That’s about £3 billion worth of stakes.
“Oddschecker Global Media is a dynamic company with tremendous potential,” Bruin founder and CEO George Pyne said in a statement. “The team has deep, fact-based intelligence, and experience with the mindset and needs of bettors at every level.
We see opportunities for continued growth, and particularly in America, Pyne said.
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.”
Pyne is a former COO of NASCAR, whose company specializes in early-stage sports media and technology investments. Earlier this year, Bruin acquired global marketing and tech company TGI Sport.
Under the terms of the deal, Flutter will receive approximately £135 million ($190 million), upon closing with further deferred contingent consideration of up to £20 million ($28 million).
Launched in 1999, the company was acquired by Sky Betting and Gaming (SBG) in 2007. Then, PokerStars parent, the Stars Group, bought SBG, before the enlarged entity merged with Paddy Power Betfair to become Flutter Entertainment.
The deal means Oddschecker will be completely independent of the numerous brands under the Flutter umbrella, which are also its operator affiliates.
“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 Toby Bentall, CEO of Oddschecker Global Media. ” “Today’s transaction brings in Bruin Capital as our new owner, who will support us in the exciting next phase of our development.
Bentall said Bruin would bring a broad international network, adding that the firm has an “excellent track record of building business, and valuable experience in the global sports, media, entertainment, marketing, and technology sectors.”