Flutter playing Fastball as stakes rise in the US

The gambling giant is ramping up its stake in the fantasy sports company to 95 per cent in a €3.44bn deal

The trend of legalising sports betting has been accelerated by Covid-19, as states look for new sources of tax revenue to meet the cost of the crisis

In the high-stakes business of corporate deal-making, leverage is key – and while thrashing out an agreement with Fanduel’s private equity backers in recent months, Peter Jackson felt he had it on his side.

Last Thursday, the Flutter chief executive announced the gambling giant’s intention to increase its stake in Fanduel, the daily fantasy sports company that Flutter has been using to drive its expansion in the US since 2018, to 95 per cent.

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