The event will also be streamed virtually.įanDuel is the number one operator in the US today with a 42% share of the US online sports betting market and a 18% share of the US iGaming market. Number one US sports betting and iGaming businessįlutter, t he world's leading sports betting and iGaming business, is today hosting an event for investors and analysts at 25 Cipriani, Broadway, New York showcasing its US business, FanDuel. DraftKings, which is down more than 59% year-to-date, is now valued at just over $5 billion.Flutter capital markets event showcasing FanDuel DraftKings stock posted its worst-ever decline on Friday after the company reported monthly customer growth that fell short of estimates even as it revised its revenue forecast upwards. Commercial sports betting revenue nationally through August was $3.97 billion, up nearly 70% year over year, according to data from the American Gaming Association.īut that continued growth hasn't benefitted all public sports betting companies. 1, 33 states allow some form of sports betting, with California having two measures on its ballot to legalize it. as more states bring legal sports betting online - as of Nov. Sports betting has continued to grow in the U.S. However, Flutter disputed that claim and later told CNBC in a statement that Fox does not have a block on any potential IPO of FanDuel, should one occur.įlutter had previously considered taking FanDuel public, taking advantage of the booming sports betting market.
"Today's ruling vindicates the confidence we had in our position on this matter and provides certainty on what it would cost Fox to buy into this business, should they wish to do so," said Flutter CEO Peter Jackson in a statement.įox said, as part of the arbitration ruling, Flutter cannot pursue an IPO for FanDuel without Fox's consent or approval from the arbitrator. The arbitrator ruled that there would be a 5% annual escalator on its purchase price, meaning the current price of a deal would be $4.1 billion.
sports betting landscape."įox has a 10-year option to acquire the stake, which runs through December 2030. online sports betting operation confirms the tremendous value Fox has created as a first mover media partner in the U.S. This optionality over a meaningful equity stake in the market leading U.S. "Fox has no obligation to commit capital towards this opportunity unless and until it exercises the option. "Fox is pleased with the fair and favorable outcome of the Flutter arbitration," the company said in a statement following the ruling. A March 2021 estimate by Jeffries analysts said FanDuel could worth up to $35 billion, which would value a nearly one-fifth stake at closer to $6 billion. Still, Fox could have been ordered to pay much more. Fox had argued the price should be based on that threshold. Flutter, which owns nearly 95% of FanDuel, acquired a 37.2% stake in the company in December 2021 at an implied valuation of $11.2 billion. The price that Fox would have to pay is based on a FanDuel valuation of $20 billion, according to the ruling. sports betting platforms alongside services from DraftKings, Caesars and MGM. The decision ends the more-than-yearlong lawsuit between the two companies over the valuation of FanDuel, which has emerged as one of the leading U.S. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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