Paddy Power parent to sell Oddschecker subsidiary for €180m

Bruin Capital to pay Flutter £135m once sale goes through, with additional deferred payment of £20m

Dublin-based Flutter put the business, which allows gamblers to compare odds offered by on-line bookies on sports events, up for sale market in the spring. File photograph

Dublin-based Flutter put the business, which allows gamblers to compare odds offered by on-line bookies on sports events, up for sale market in the spring. File photograph

 

Paddy Power and Betfair owner Flutter Entertainment is selling its Oddschecker subsidiary in a €180 million-plus deal.

Dublin-based Flutter put the business, which allows gamblers to compare odds offered by on-line bookies on sports events, up for sale market in the spring, inviting potential buyers to take part in an auction.

The group confirmed on Monday that it has agreed to sell Oddschecker to Bruin Capital in a transaction that values the subsidiary at up to £155 million (€181.4 million).

Under the agreement’s terms, Bruin Capital will pay Flutter £135 million once the sale goes through, with an additional deferred payment of up to £20 million.

Flutter said on Monday that the deal is likely to close in the third quarter of this year.

The Irish group acquired Oddschecker when it merged with Canada’s The Stars Group , owner of Sky Bet and Poker Stars, last year.

It regarded the business as non-core and began seeking a buyer for Odschecker in April.

Bruin is a private equity investor that among other areas focuses on businesses that use technology to aid sports and entertainment to boost earnings.

In March this year, the group bought TGI Sports, which advises stadia and venues on technology, sponsorship and other areas.

Earlier Flutter confirmed that Amy Howe will take over as interim chief executive of its US division, which includes its Fanduel subsidiary, alongside her existing position of president.

Ms Howe joined Fanduel in February 2021 from Live Nation Entertainment where she had served as chief operating officer of Ticketmaster.

She is succeeding Matt King, who will leave the business on July 16th following a short transition period.

Peter Jackson, Flutter chief executive, said Mr King would leave the US business in a position of strength.