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Illustration: Sarah Grillo/Axios

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.

Go deeper

Dan Primack, author of Pro Rata
Oct 13, 2021 - Economy & Business

Scoop: Arctos raises over $3 billion to buy stakes in pro sports teams

Illustration: Aïda Amer/Axios

Arctos, an upstart private equity firm founded to buy into pro sports teams, has secured over $3 billion in investor commitments, Axios has learned. The firm originally planned to raise between $1 billion and $1.5 billion.

Why it matters: Private equity has become obsessed with pro sports, from American basketball to European soccer to New Zealand rugby. And Arctos leveraged this fervor on the fundraising circuit.

33 mins ago - World

Biden's ambassador nominee: "China is not an Olympian power"

Nick Burns testifying before the Senate Foreign Relations Committee. Photo: Sarah Silbiger/Bloomberg via Getty Images

President Biden's nominee to serve as ambassador to China delivered a stark assessment of the challenges the U.S. faces in confronting Beijing, but stressed that the rising superpower is "not all-powerful" and the West retains "substantial" advantages.

The big picture: Nicholas Burns, a retired career diplomat and former U.S. ambassador to NATO, used his confirmation hearing Wednesday to echo the growing bipartisan consensus that China poses "the greatest threat to the security of our country and the democratic world" in the 21st century.

Scoop: U.S. and Israel to form team to solve consulate dispute

Secretary of State Antony Blinken (left) and Israeli Foreign Minister Yair Lapid (right) meet in Washington. Photo: Andrew Harnik/Pool/AFP via Getty Images

The U.S. and Israel are planning to form a joint team to hold discreet negotiations on the reopening of the U.S. Consulate in Jerusalem, Israeli officials say.

Why it matters: The consulate handled relations with the Palestinians for 25 years before being shut down by then President Donald Trump in 2019. Senior officials in Israeli Prime Minister Naftali Bennett's government see the consulate issue as a political hot potato that could destabilize their unwieldy coalition.