Paddy Power Owners to Snap up the Stars Group
By Simon Wright Oct 5, 2019
Flutter Entertainment plc, the publicly listed company behind Paddy Power and Betfair, have reached a deal this week to hoover up the Stars Group, the owners and operators of Sky Bet, in a deal that is valued at £10bn.
The deal which has been agreed, will see Flutter Entertainment on paper become the largest online betting company in the world and will further enhance the company’s chances of a big breakthrough in the opening up US marketplace.
Investors have given the green light to the takeover, which will see Flutter Entertainment shareholders control 55% ownership of the combined group, which between them accrued in excess of £3.8bn in revenues last year.
Furthermore once the deal has been completed, it is reported that the company will also have a commercial tie-in with Rupert Murdoch’s US Broadcaster, Fox Sports, with Fox in turn having the rights to acquire 18.5% of the US fantasy sports company Fanduel, which Flutter Entertainment own.
Speaking about the proposed takeover, Flutter’s Chief Executive Officer, Peter Jackson, stated: “We believe the combination of Flutter and TSG will deliver substantial value for shareholders. We will have an exceptional portfolio of leading recreational brands and best-in-class products on industry-leading technology platforms.”
Flutter Entertainment’s Chairman, Gary McGann, added: “The combined group would also be a strong voice in the promotion of responsible gambling worldwide.”
Simon Wright has been both a player and an observer of the online casino industry for over 15 years. His knowledge of the online casino industry – to include sports is massive. Not many folks have the experience or his knowledge about online gambling. His adoration of football is also noted. He has painted his house blue (Chelsea) and annoys his neighbors with local football songs on game days.
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