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: FanDuel now valued at $22 billion for purposes of Fox option, arbitrator rules


Flutter Entertainment on Monday said an arbitrator has determined that the value of U.S. sports betting company FanDuel as of Dec. 2020 was $20 billion.

That establishes the current value for the option Fox

has to buy an 18.6% stake, which is subject to a 5% annual compounding carrying value adjustment.



says this equates to a $22 billion valuation for FanDuel today, and a cost of $4.1 billion for Fox to acquire an 18.6% stake.

Flutter shares rallied 5% in early London trade.

FanDuel rival DraftKings

has a $9.5 billion market cap and has dropped 58% this year. Analyst at UBS point out that gambling peers have de-rated significantly since Dec. 2020, when Flutter bought a 37% stake in FanDuel from a consortium at an implied valuation of $11.2 billion.

The UBS analysts also note the tribunal still has yet to rule on whether Fox can participate in a FanDuel IPO, should one occur.

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