Flutter Entertainment, which owns Pokerstars and recently acquired a majority 50.1% stake in Indian online rummy operator Junglee Rummy for $66.2 Mn, is exploring the idea of offering a partial IPO for Fanduel in the USA.
Flutter Entertainment had its base in India through Pokerstars, but the stake in Junglee Rummy established their firm footing in Indian igaming business. The bookmaking holding company created by the merger of Paddy Power and Betfair, however, have a stunning base in USA and is now exploring the route of partial Initial Public Offering as strategic options for its U.S. business, FanDuel.
In its 12 years of existence, Flutter Entertainment is America’s largest online sports betting business and accounts for around 40% of the market. Even though Flutter owns 95% of FanDuel, it has an agreement with Fox corporation, the media giant chaired by Rupert Murdoch, under which the latter has the right to acquire an 18.6% stake in the business from June 2021.
The details regarding the final offering would be out soon and it is expected the senior members of the Flutter Group to have a long discussion with Fox Corp before taking any vital decision.