FanDuel owner sells Oddschecker to private equity firm
Private equity firm Bruin Capital on Monday announced an agreement to buy sports betting information company Oddschecker from FanDuel owner Flutter Entertainment.
Why it matters: Oddschecker is the top oddsmaker in the U.K., acting as a sort of Expedia or Kayak for gambling. This deal is intended to popularize its offerings in the U.S.
Details: The deal is valued at around $190 million, plus up to $28 million in contingent considerations.
- This is the first gambling-related investment for Bruin Capital, which is led by former NASCAR and IMG Sports executive George Pyne.
- Bruin's thesis seems to be that Flutter had underinvested in Oddschecker, and that it could accelerate the business via both cash and dedicated efforts at creating joint ventures with leagues and media companies.