Flutter offloads Oddschecker to Bruin Capital in £155m deal

Flutter Entertainment has sold its Oddschecker Global Media affiliate business to US investment firm Bruin Capital for an initial £135m.

The FTSE 100 operator had been plotting the sale of Oddschecker and its portfolio of affiliate brands for almost a year, with Bruin confirmed as the successful bidder on 12 July.

The deal is subject to regulatory approval and Flutter stands to receive an additional deferred payment of £20m, on top of the £135m to be paid at closing.

Oddschecker will now look to garner investment from Bruin Capital to fund its expansion in the US sports betting market, with an office to be built in New Jersey or New York.

EGR understands Oddschecker will increase its US-based workforce three-fold in the coming months as it looks to capitalise on the cash injection that was unlikely to be forthcoming under former parent company Flutter Entertainment.

Indeed, Oddschecker was such an incremental part of the overall Flutter business that the operator did not need to update the stock market prior to its close with regards to the sale.

Its US focus and resources are understandably centred around FanDuel, as well as Fox Bet and TVG.

The flagship Oddschecker price comparison grid has been included as part of the sale, along with casino review site CasinoSmash, digital marketing company Vime and live score service WhoScored.

EGR understands that PokerNews, a leading poker affiliate brand under the Oddschecker Global Media business, will remain with Flutter and was not included as part of the sell-off.

PokerNews provided a single-digit percentage of annual Oddschecker revenue but Flutter considered it valuable due to its influence, brand trust and acquisition capabilities for the PokerStars brand.

According to Barclay’s, Oddschecker influences as much as 10% of all UK bets, worth an estimated £3bn in stakes annually. It is now looking to emulate that success in the States.

Launched in 1999, Oddschecker has become one of the most trusted affiliate partners globally with more than 120 clients covering operations across the UK, US, Italy and Spain.

Oddschecker was acquired by Sky in 2007, by CVC Capital Partners in 2015 and finally by The Stars Group (TSG) in 2018 before TSG’s merger with Flutter.

The Oddschecker management team, led by CEO Toby Bentall, is expected to remain intact, while the US-based business will be spearheaded by SVP Matthew Mirman, who joined the business in October 2020.

Bentall said: “Over the last 21 years, Oddschecker Global Media has grown to become the UK’s leading sports betting affiliate, achieved through the hard work of our employees and valuable support from Sky Betting & Gaming and, more recently, Flutter Entertainment.

“Looking forward, we have exciting opportunities both in the UK and internationally, especially in the US,  where the liberalisation of online gambling legislation has created a highly-attractive market for our business.

“Today’s transaction brings in Bruin Capital as our new owner, who will support us in the exciting next phase of our development,” he added.

Bentall further hailed Bruin’s broad international network and track record of building businesses in the global sports, media and entertainment landscape.

These include technology provider Deltatre, data-driven agency Two Circles and brand marketing business Soulsight.

Bentall added: “The sale crystallises value for Flutter Entertainment that has been created in Oddschecker Global Media over the last two decades, and for the first time in nearly 15 years means the business will be fully independent from sports betting partners.”

Oddschecker finished ninth in EGR Marketing’s Power Affiliates 2021 rankings.