Flutter To Drop $4.18B For Additional 32.7% Stake in FanDuel

Hundred Dollar Bills
Flutter increased its stake in sportsbook operator FanDuel, buying 37.2% of the company for a sum of $4.18B.

The consideration is expected to be satisfied through a combination of a $2.088B cash payment and the issuance of approximately 11.7M new Flutter shares directly to Fastball. According to Flutter, the cash portion of the agreement will be funded through cash on the balance sheet and an equity placing to raise an additional 1.1B pounds.

FOX Corporation would participate in the capital raising and in return, the US-based FOX Sports , which is owned by FOX Corporation, will be given an option to buy 18.5% of FanDuel in July 2021.

Said Flutter CEO Peter Jackson in a statement:

“Flutter’s initial acquisition of a controlling stake in FanDuel in 2018 has been transformational for the shape of the Group. Our number one position in the crucial U.S. market is built on many of the assets we acquired through that transaction, supported by the broader Group’s capabilities. Our intention has always been to increase our stake in the business and I’m delighted to be able to do so earlier than originally planned and at a discount to its closest peer.”

Terminating Fastball’s Interest in FOX Bet

Flutter, which owns European iGaming properties Paddy Power, Betfair, and Poker Stars, acquired 57.8% of FanDuel in 2018. With the latest agreement, it will now own 95% of the top betting company in the United States and terminate Fastball’s economic interest in the online sports betting platform FOX Bet.

The deal would simplify the position of FOX Bet, in which Fastball was given an interest as part of Flutter’s merger with the Star Group of Canada in 2019. According to Flutter, the union created one of the largest online betting and gaming operator in the business.

Attractive American Scene

Flutter Entertainment said that this transaction will increase its exposure in the U.S. market materially. It described the American scene as the “most attractive” sector opportunity there is today.

The United States is viewed as the next big market in sports betting and it has led to big partnerships involving European companies. Last September, Caesars Entertainment purchased London-based William Hill for $3.9B.

Philadelphia Eagles Announce Sponsorship Deal With FOX Bet


Tuesday saw another professional sports team in the U.S. sign a deal with a gambling company as the Philadelphia Eagles signed a multi-year sponsorship agreement with FOX Bet. The deal was announced on Tuesday via the Eagles website.

Said Fox Bet CMO Andrew Schneider:

“FOX Bet enhances the fan experience in a big way, and this is a fanbase that knows and appreciates big things. They’re passionate, tough and willing to do whatever it takes to win. To connect our offering to this one-of-a-kind fanbase is a game-changer. Eagles fans are going to love this, and we’re honored to have this association with a team that is primed for a successful 2020 season.”

Sponsorship Agreement

The sponsorship agreement involves broadcast, digital, and social media advertising on all team channels, custom promotions, and a strong branding presence during Eagles’ games. The deal also includes messaging on the stadium’s LED and end zone boards. FOX Bet signages will also be placed on the concourse levels

FOX Bet will also serve as the presenting sponsor of Eagles Edge, which is a new program that airs on the team’s digital channels after each of their games. Filmed on game days when the Eagles are playing at Lincoln Financial Field, this series will be broadcast via the Eagles Official YouTube Channel, Eagles Official Mobile App, PhiladelphiaEagles.com, Eagles social media channels, and the team’s other digital channels.

Premium Lounge and Interactive Studio

The Eagles also revealed that it includes the construction of a FOX Bet-branded premium lounge and interactive studio at Lincoln Financial Field. The lounge will feature exclusive content across all platforms and will be presented by Eagles on-air personalities, Eagles Legends, and FOX Bet contributors.

Once fans will be be allowed to watch the games, the lounge will be open to ticketed guests on game day. The 4,000 square-foot studio can accommodate up to 380 persons. Guests will enjoy all-inclusive food and beverage options. They will also be entitled to behind-the-scenes premium access, prime locations to watch player arrivals, and live post-game press conference. Fans can access the studio two and a half hours before kickoff and one hour after post-game.

Betting-related deals in the NFL

The Eagles are the second professional sports team to sign a sponsorship deal with FOX Bet. Last year, the Philadelphia 76ers also entered into a multi-year sponsorship contract with FOX Bet.FOX Bet is a mobile casino that was formed from the partnership between The Stars Group and Fox Sports.

Since the NFL cleared its clubs to sign betting-related deals last spring, some NFL teams have been busy making deals. The Denver Broncos have signed pacts with BetMGM, Betfred, and FanDuel. The Detroit Lions also have a deal with BetMGM. Likewise, the NFL has inked betting partnership contracts with BetCris, 888Holdings, and SkyBet.