According to a report by The Telegraph, the Fox Corporation will increase its stake in FanDuel by some 20% later this year through an agreement with Flutter in order to take advantage of "the boom in America's sports gambling industry."

The ties between Flutter and Fox stem from a deal between Fox Bet and Stars Group, the owner of Sky Bet, in a deal worth $11 billion last year.

From The Telegraph:

The move would mark a strengthening of ties between Fox and Flutter, which has emerged as an early victor of the liberalisation of sports betting in the US as firms race to conquer what is likely to become the world's most lucrative market.

FanDuel has surged ahead of rivals as the decades-long ban on sports wagering is rolled back on a state-by-state basis. Fox is also one of Flutter's biggest shareholders with a 2.6pc stake worth about £650m.

Flutter now expects its US revenues to hit $20bn (£14bn) by 2025, double last year's estimate. Annual revenue across the wider group doubled to £4.4bn following the merger between what was Paddy Power Betfair with Stars Group, the Canadian bookmaker behind Sky Bet.
Peter Jackson, Flutter Chief Executive said:

“We need to leave the market to form their view of what our business is worth. You have to believe that our business in America is more valuable than the DraftKings business. So there is some mismatch between the valuations of the businesses.
“It's probably more difficult for the Robinhood type of investor to put money to play in Flutter - I think it's a little bit more difficult for them and they are more focused on domestic US businesses.”

David Kimberley, an analyst at Freetrade, said: “The bookies have been in prime position to take advantage of the pandemic.
"But the big news here is obviously the US. Looser regulations mean the world’s largest economy is fast becoming the most important jurisdiction for bookmakers.

“That Flutter was able to double its revenue in the country and make an upward reassessment of the total market size shows just how much room there is to grow here.”
Read more here: https://www.telegraph.co.uk/business...s-jackpot/amp/