{"id":137252,"date":"2020-05-30T13:03:23","date_gmt":"2020-05-30T20:03:23","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=137252"},"modified":"2020-05-30T18:20:13","modified_gmt":"2020-05-31T01:20:13","slug":"flutter-is-selling-equity-fox-ups-stake-in-bid-to-win-us-betting-share","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/flutter-is-selling-equity-fox-ups-stake-in-bid-to-win-us-betting-share\/","title":{"rendered":"Fox Ups Flutter Bet as FanDuel Parent Sells $1 Billion of New Equity"},"content":{"rendered":"

Fox Corp. (NASDAQ:FOXA) is boosting its stake in Betfair and Padd.yPower parent Flutter Entertainment.\u00a0 The world’s largest online gaming company said earlier this week it’s selling $1 billion worth of equity in a secondary offering.<\/p>\n

\"Fox
FanDuel parent Flutter is selling equity and Fox is investing as it looks to increase their US sports betting exposure. (Image: Reuters)<\/figcaption><\/figure>\n

Flutter, which also owns FanDuel, among other internet betting platforms, said it’s selling 8.05 million shares at an almost five percent discount to the Thursday, May 28 closing price. Fox confirmed it’s buying into that offering, but the amount of shares being acquired by the broadcast company wasn’t revealed.<\/p>\n

FOX is bullish about the opportunities in the digital sports wagering market. FOX Bet has shown strong growth since launching last fall, and we look forward to continuing that success with our partner, Flutter,\u201d said Fox CEO Lachlan Murdoch in a statement.<\/p><\/blockquote>\n

Fox’s relationship with Flutter comes by way of the former paying $236 million to purchase almost five percent of The Stars Group (TSG) in May 2019 to bolster its FoxBet brand<\/a>. Earlier this month, Flutter put the finishing touches on<\/a> its $12.2 billion takeover of TSG, a deal that creating the biggest online gaming company in the world.<\/p>\n

FanDuel Could Be The Reason<\/h2>\n

With iGaming and online and mobile sports wagering viewed as the next big growth frontiers in the industry, FanDuel could be the impetus for Fox increasing its investment in Flutter.<\/p>\n

\n

Under the terms of Flutter’s merger agreement with TSG, Fox can raise its stake in FanDuel to as much as 18.5 percent by 2021. That could serve as a replacement for the investment in DraftKings (NASDAQ:DKNG) the broadcaster let go of when it sold<\/a> its 21st<\/sup> Century Fox and various FX networks last year to Walt Disney (NYSE:DIS).<\/p>\n<\/div>\n

The US is the world’s fastest-growing sports wagering market, and much of that growth is attributable to the emergence of mobile and online betting \u2013 arenas where DraftKings and FanDuel control enviable positioning.<\/p>\n

\u201cFOX\u2019s investment in Flutter underscores our confidence in Flutter\u2019s business and its management\u2019s ability to continue to drive leadership in the US market,\u201d said Murdoch<\/strong>.<\/p>\n

Good Timing for Flutter<\/h2>\n

Flutter’s share sale announcement comes as gaming stocks, particularly those with iGaming and sports betting exposure<\/a>, are soaring off their March lowers, indicating the UK-based company is getting favorable pricing on the offering.<\/p>\n

The operator said the current market environment is likely to result in dramatic, long-term industry shifts. That will open new doors, adding that an increased capital position allows it to capitalize on those opportunities. Flutter also said the capital raise will aid in its quest to increase its US footprint.<\/p>\n

\u201cFlutter believes that one potential consequence of the Covid pandemic is that the pace of regulation in the US could accelerate, as an increasing number of US states look for new ways to raise additional sources of tax income,\u201d said the company. \u201cFlutter is determined to give its US business the best possible platform for future success and to replicate the leadership position it has achieved in the states that have regulated to date.\u201d<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Fox Corp. (NASDAQ:FOXA) is boosting its stake in Betfair and Padd.yPower parent Flutter Entertainment.\u00a0 The world’s largest online gaming company said earlier this week it’s selling $1 billion worth of equity in a secondary offering. Flutter, which also owns FanDuel, among other internet betting platforms, said it’s selling 8.05 million shares at an almost five […]<\/p>\n","protected":false},"author":46,"featured_media":137254,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,19],"tags":[],"acf":[],"yoast_head":"\nFlutter Is Selling Equity, Fox Ups Stake in Bid to Win US Betting Share<\/title>\n<meta name=\"description\" content=\"Flutter Entertainment, the owner of FanDuel, is selling $1 billion worth of stock and Fox is upping its investment in the company.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/flutter-is-selling-equity-fox-ups-stake-in-bid-to-win-us-betting-share\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Flutter Is Selling Equity, Fox Ups Stake in Bid to Win US Betting Share\" \/>\n<meta property=\"og:description\" content=\"Flutter Entertainment, the owner of FanDuel, is selling $1 billion worth of stock and Fox is upping its investment in the company.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/flutter-is-selling-equity-fox-ups-stake-in-bid-to-win-us-betting-share\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-30T20:03:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-31T01:20:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/05\/fd.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/flutter-is-selling-equity-fox-ups-stake-in-bid-to-win-us-betting-share\/\",\"url\":\"https:\/\/www.casino.org\/news\/flutter-is-selling-equity-fox-ups-stake-in-bid-to-win-us-betting-share\/\",\"name\":\"Flutter Is Selling Equity, Fox Ups Stake in Bid to Win US Betting Share\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/flutter-is-selling-equity-fox-ups-stake-in-bid-to-win-us-betting-share\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/flutter-is-selling-equity-fox-ups-stake-in-bid-to-win-us-betting-share\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/05\/fd.jpg\",\"datePublished\":\"2020-05-30T20:03:23+00:00\",\"dateModified\":\"2020-05-31T01:20:13+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Flutter Entertainment, the owner of FanDuel, is selling $1 billion worth of stock and Fox is upping its investment in the company.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/flutter-is-selling-equity-fox-ups-stake-in-bid-to-win-us-betting-share\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/flutter-is-selling-equity-fox-ups-stake-in-bid-to-win-us-betting-share\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/flutter-is-selling-equity-fox-ups-stake-in-bid-to-win-us-betting-share\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/05\/fd.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/05\/fd.jpg\",\"width\":1280,\"height\":720,\"caption\":\"FanDuel parent Flutter is selling equity and Fox is investing as they look to increase their US sports betting exposure. 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