The price of Fox’s option could be determined by an initial public offering (IPO) for FanDuel, which the company said last month it is considering.įlutter argues that Fox must pay “fair market value” to exercise the option in July, saying that buying at December’s valuation “would represent a windfall to Fox compared to the fair market valuation as of July 2021, to which the parties had previously agreed”.īut if there is no IPO by July, then investment banks will be consulted to determine fair value, which seems likely to be higher than rival the US$25bn debut market cap for FanDuel’s smaller rival DraftKings Inc (NASDAQ:DKNG), which has since neared a market valuation US$29bn. The Murdochs are looking to snap up an 18.6% stake in FanDuel based on its valuation of US$11.2bn when Flutter acquired its 37.2% stake.ĭublin-headquartered Flutter says Fox's legal filing “is without merit” and so it will “vigorously defend its position” in the arbitration process. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation.įlutter Entertainment PLC ( LON:FLTR), the owner of bookmakers Betfair and Paddy Power, has been sued by Rupert Murdoch’s Fox Corporation ( NASDAQ:FOXA) over the ownership of US gaming business FanDuel.įox filed a lawsuit against the FTSE 100 company overnight to secure an option to buy into FanDuel at the same price Flutter paid back in December rather than the higher price Flutter believes the business is worth today.
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The Australia division includes the Sportsbet brand offers online sports betting. The UK & Ireland division includes the Sky Betting and Gaming, Paddy Power, Betfair and Tombola brands offering a diverse range of sportsbook, exchange and gaming services across the United Kingdom and Ireland, along with over 600 Paddy Power betting shops. The US division includes FanDuel, TVG, FOX Bet and P okerStars brands, offering regulated real money and free-to-play sports betting, online gaming, daily fantasy sports and online racing wagering products to customers across various states in the Unites States and Canada. The Company operates through four divisions: US, UK & Ireland, Australia and International. Flutter Entertainment plc is an Ireland-based global betting and gaming company. Flutter Entertainment PLC (LSE:FLTR) said Paul Edgecliffe-Johnson, who is currently chief financial officer of Intercontinental Hotels Group PLC (LSE:IHG) (IHG), is joining the sports betting and.
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