Flutter places bet on sale of Oddschecker comparison platform
16 April 2021, 12:18 | Updated: 16 April 2021, 13:30
The FTSE-100 gambling group behind Paddy Power and Betfair is exploring a sale of Oddschecker, the odds comparison platform, following the withdrawal of one of its biggest rivals.
Sky News has learnt that Flutter Entertainment is working with investment bankers on a potential disposal of Oddschecker, which has had several owners since it was set up in 1999.
Moelis is understood to be working on the sale, which City sources said could fetch in the region of £150m.
The process comes as Flutter chief executive Peter Jackson focuses the group on expanding its core operations.
Insiders said a decision by Entain, the owner of Ladbrokes, to remove its presence from the Oddschecker platform following the comparison service's takeover by Flutter was a factor in Mr Jackson's decision.
Oddschecker allows gamblers to compare prices across a range of brands, including Betfred, 888 and Bet365.
The sale process comes as Flutter prepares a partial flotation of FanDuel, its US arm, with the plans being examined amid a lawsuit from Fox Corporation, the Murdoch-controlled media group.
Under Mr Jackson, Flutter - which was previously called Paddy Power Betfair - has grown rapidly through transformational acquisitions such as the takeover of Stars Group a year ago which also gave it control of the SkyBet business.
Flutter now has a market value of nearly £27bn.
A Flutter spokesman declined to comment.
(c) Sky News 2021: Flutter places bet on sale of Oddschecker comparison platform