Flutter exploring £150 million sale of Oddschecker

[The Buzz]

Flutter, the owner of Betfair and Paddy Power, is exploring a sale of its comparison platform Oddschecker for a price tag of around £150 million, according to a report in yesterday's Evening Standard, which confirmed reports that the Flutter has hired investment bank Moelis to look into the "potential disposal."

From the article:

Oddschecker, which lets gamblers compare prices across several brands, including Bet365 and 888, is not one of Flutter’s core brands. After the bookmaker took over the platform its rival, Ladbrokes owner Entain, removed its presence.

Flutter is also preparing a partial flotation of its US arm FanDuel, which has a 40% share of the US betting market.

It comes after the Dublin-based group reported 2020 revenues up 28% to £5.3 billion on a pro forma basis, with pre-tax profits falling from £136 million to just £1 million in part due to costs associated with its £9.3 billion acquisition of Canadian gambling firm, Stars Group, last May.

Read more here: https://www.standard.co.uk/business/...e-b930409.html

[gil.langelaan]

That's interesting.
Yeas, 2020 was really one of the best for online gambling industry.
Who is planning to buy it, how do you think?

[Cash Bonus]

That's a huge amount of money, if it happens. Who seriously in their right mind wouldn't want to seize a life-changing opportunity like that one. The Buzz, keep us posted if there are any new developments to this story.

[PROFRBcom]

Why ever sell a cash cow?

Pfft.

Presumably you already have billions, what is another 150 million?

Might as well milk it unless you are getting 10 years revenue or something absurd.

[Cash Bonus]

You're absolutely right, it's a measly amount to Flutter, because they have billions of dollars in their company. I'm also wondering why in the world they would be selling their Oddschecker in the first place.

I was just thinking in general terms, that it would be a lot of money to have in one's possession.

I read in an article that Flutter acquired nearly $30 billion in value during the course of the COVID-19 outbreak, with a 46 per cent boost in turnover and a 59 per cent increase in Australian revenue last year. So they obviously have no shortage of money to go around.

[statsdrone]

they might want to focus on larger projects only