Flutter sells betting affiliate site in $218 million deal
(PRESS RELEASE) -- Bruin Capital has reached an agreement with Flutter Entertainment plc to acquire Oddschecker Global Media, operators of the U.K.'s no. 1 online odds comparison and data platform plus leading gambling and iGaming media brands.
The deal is subject to customary regulatory approvals. Under the terms of the transaction, Flutter will receive £135 million approximately (c.$190 million) upon closing with further deferred contingent consideration of up to £20 million (c.$28 million).
In addition to enhancing organic growth in the U.K. and Europe, the new alliance will draw from Bruin's track record of globalizing companies, particularly in America. According to PwC, U.S. online sports gambling revenue is forecast to grow to c.$17Bin 2025, driven by legalization and increased adoption.
In the U.K., the Oddschecker platform is the most visited and trusted digital destination for real-time odds comparison, wagering data and related information. The platform serves as a one-stop shop for bettors, offering side-by-side betting line comparisonsfrom100s of bookmakers across 1,000s of events. Each event comprises100s of markets, layers of original content, data analysis, and links to make wagers with affiliated partners.
The platform underpinned by state-of-the-art technology that handles nearly 8,000 line changes/secondand260 million odds updates/day, ensuring users have the most accurate betting intelligence in real-time. The net impact is akin to that which travel services like Kayak or Expedia have on the travel industry. According to Barclay's research, Oddschecker influences as much as 10% of all U.K. bets - nearly £3 billion worth of stakes annually.
Launched in 1999, Oddscheckerhas been the most trusted affiliate and b2c partner in the U.K. for over 20 years. The company now has over 120 clients with operations in the U.K, U.S., Italy, and Spain.It also owns gaming media brands: Casino Smash, the online casino reviews and strategies service; Vime, an iGaming media and digital marketing company and Who Scored, the U.K's leading destination for international football live scores, data, and proprietary player rankings (acquired in 2019). These brands are widely cited by global news outlets, including the BBC and Reach Plc, as credible and independent sports and betting news sources. OGM odds data is also sourced by media and research companies like Bloomberg, Washington Post, BBC NewsandBarclays.
Bruin Capital Founder & CEO George Pyne (@GFPyne) Said: "Oddschecker Global Media is a dynamic company with tremendous potential. 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 U.K. development and its opportunity in the U.S., where the marketplace is very fragmented,and discovery and customer acquisition experts will be highly sought-after."
Toby Bentall, CEO of Oddschecker Global Media, said:"Over the last 21 years, Oddschecker Global Media has grown to become the U.K.'s leading sports betting affiliate, achieved through the hard work of our employees and valuable support from Sky Betting and Gaming and, more recently, Flutter Entertainment. Looking forward, we have exciting opportunities both in the U.K. and internationally, especially in the U.S., where the liberalization of online gambling legislation has created a highly-attractive market for our business. 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 inits ambition to become the world's best betting experience."
This will be the latest acquisition for Bruin, the investment and operating company that specializes in building global sports, technology, media, and entertainment companies. Earlier this year, Bruintook on joint ownership of TGI Sport, the global sports technology and marketing company. Bruin's portfolio also includes Deltatre (www.deltatre.com), the sports media technology company; Two Circles (www.twocircles.com), the sports fan data and analytics company; Soulsight(www.soulsight.com), the brand strategy and design company; and Engine Shop(www.engineshop.com), the sports, and entertainment marketing company. Collectively they operate across five continents, and their work has won hundreds of awards and serve billions of consumers worldwide.