American private investments firm Bruin Capital Holdings has reportedly announced the signing of an arrangement that is to see it spend up to $218 million in order to purchase the online sportsbetting odds comparison website at OddsChecker.com.
According to a Monday report from Yahoo! Sports, the deal with British and Irish iGaming behemoth Flutter Entertainment is set to see the New York-based buyer hand over approximately $190 million up front and agree to a range of deferred compensations that could be worth as much as $28 million.
Established by millionaire entrepreneur George Pyne in 2015, Bruin Capital Holdings reportedly described OddsChecker.com as ‘a dynamic company with tremendous potential’ that it will now look to expand across the United States’ embryonic sportsbetting market via potential partnerships with a plethora of sports leagues and teams. The buyer purportedly has over 2,000 employees spread across 40 offices with its portfolio moreover encompassing venture capital firm CourtsideVC, sports media tech company Deltatre and marketing enterprise Engine Shop.
Already popular in the United Kingdom, OddChecker.com reportedly allows sports wagering aficionados to compare live odds on a multitude of events offered by a number of operators. Launched in 1999 and also in control of a handful of associated media brands, the domain purportedly already works with more than 120 clients across the United States and Europe in handling nearly 8,000 line changes per second and 260 million daily odds updates.
Dublin-headquartered Flutter Entertainment, which was previously known as Paddy Power Betfair, reportedly took over OddsChecker.com last year as part of its $15.3 billion acquisition of prominent Canadian iGaming firm The Stars Group Incorporated. However, the comparison platform’s attractiveness was purportedly later seriously impacted after rival online bookmaker Entain pulled its own brands including perennial big-hitters Ladbrokes.com and Coral.co.uk from being featured on the service.
Yahoo! Sports reported that affiliate sites such as OddsChecker.com typically make their money via advertising and by referring bettors to partner sportsbooks. The source explained that online sportsbetting operators are now looking to the United States as an increasing number of jurisdictions pass legislation to legalize remote sports wagering with New Jersey alone now offering punters access to over 15 such services, which are all competing against each other for customers.
Reportedly read a statement from Pyne…
“The OddsChecker.com team has deep and fact-based intelligence and experience with the mindset and needs of bettors at every level. It’s turned that into a very diversified and service-oriented business that uplifts its partners and its own interests. There are strong links between OddsChecker.com’s United Kingdom development and its opportunity in the United States where the marketplace is very fragmented and discovery and customer acquisition experts will be highly sought after.”