Sports Betting

The world’s largest online betting group will be formed as a result of a $12 billion merger that unites Ireland’s Flutter Entertainment and Canada’s The Stars Group. The deal brings together brands such as Fanduel, Pokerstars, Paddy Power, Betfair, Full Tilt and Sky Bet. They will offer a broad portfolio of gambling products. These include online sports betting, fantasy sports, online poker, horse racing, free-to-play and casino games.

Flutter and Stars generated $4.7 billion in sales last year. Together, they have around 4 million active users in more than 100 countries. The companies expect the merger to generate approximately $170 million in annual pre-tax cost savings and open up cross-selling opportunities. Flutter, which will own 55% of the new group, expects the capital commitment underlying earnings per share to increase by 50% in the year following the deal’s closing. International sales are expected to increase sixfold.

Source: https://markets.businessinsider.com/news/stocks/pokerstars-fanduel-owners-strike-12-billion-online-betting-merger-2019-10-1028570196