Flutter Taking Over FanDuel
Earlier this week, it was announced that Flutter Entertainment is increasing its stake in the FanDuel Group.
Flutter is acquiring an additional 37 percent stake in the company, and it now owns 95 percent of all shares in the company.
Boyd Gaming owns the remaining five percent of this company, and Boyd Gaming has a presence in the state of Illinois. This news from Flutter Entertainment will help shape the sports betting industry in 2021, and Illinois sports bettors will see plenty of effects of this deal.
This new deal was worth $4.2 billion, and it includes a cash payment of a little more than $2 billion. The rest of the payment will come from more than 11.7 million new ordinary Flutter shares.
FanDuel Group is now valued at $11.2 billion according to industry experts, and the company was worth just $558 million when Flutter originally acquired a 58 percent stake in FanDuel back in 2018.
Flutter shares in London jumped more than 12 percent when this announcement was made, but it could lead to FanDuel being listed on the stock market in the United States. This would follow a trend that began with DraftKings becoming a public company earlier this year.
Flutter is a powerful company in the international sports betting industry, but it is looking to become more of a factor in the US. Acquiring over 95 percent of one of the biggest sports betting operators in the United States is a great way to accomplish that.
FOX Sports is also included as a part of this deal, but it’s not yet clear at this time just how involved that group is. FOX Sports will be given the chance to purchase nearly 20 percent of FanDuel in 2021, and the value of FanDuel Group at that time will likely dictate its decision.
FanDuel Major Player in Illinois
With just five online and IL mobile sports betting operators currently launched in Illinois, it is no surprise that FanDuel has become one of the leaders in the industry. FanDuel was supposed to be kept out of the market until at least 2022, but the company was able to gain market access through a pair of deals.
FanDuel originally launched sports betting at the Par-A-Dice Casino in East Peoria, Ill., earlier this summer. It is one of the biggest and best casinos in Illinois and a sportsbook is sure to go down well. FanDuel was also able to enter the online sports betting market through this partnership.
The operator has since changed course and has now reached an agreement with Fairmount Park racetrack in Collinsville, Ill. The sports betting license will be converted to that location, and a new company will likely come into East Peoria.
Location is the biggest reason that FanDuel has explored Fairmount Park, as it is located just about 20 minutes away from St. Louis. With Missouri not yet legalizing sports betting, FanDuel is expected to do well in that location.
FanDuel Group has committed to a multi-million dollar investment in Fairmount Park, and it will build a brand new retail sportsbook at the site.
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