Flutter, formerly Paddy Power Betfair, and The Stars Group (TSG), parent company of PokerStars, will merge to form a behemoth in the online gambling industry, valued at £10 billion and which generates some £4 billion in annual revenue, the companies announced Wednesday.
The pair were understood to have discussed a tie-up last year, but at the time talks had reportedly stalled.
The combined company would bring together more than a dozen big online gambling brands—PokerStars, Fox Bet, Sky Bet, Paddy Power, Betfair, FanDuel, Odds Checker, Adjarabet and more—into a single company.
It would have a sizeable presence in every aspect of the gambling industry, from daily fantasy and betting exchanges to retail, online casino and online poker.
The deal is structured such that it is Flutter acquiring TSG. If the deal completes, the business will continue under the Flutter Entertainment name, which was only minted in May of this year. TSG will be delisted from NASDAQ and the Toronto Stock Exchange.
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Last Updated September 30, 2019Originally Published September 27, 2019
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