This story was published more than 1 year ago.
Internet betting groups Flutter Entertainment and The Stars Group have announced that they've struck a deal to merge, becoming the largest internet gambling company in the world.
The agreement will see a $6 billion share swap deal, which will see the groups combining to become Flutter-TSG. The combined revenues for the companies amounted to £3.8 billion last year, and will oversee combined brands Paddy Power, Betfair, PokerStars, and Full Tilt Poker. Both companies are active in the growing American market, participating in individual state markets that offer casino games and sportsbetting services.
Under the terms of the deal, the main headquarters will be in Dublin, and will have their main listing in London. Flutter shareholders would have control of 54.64% in the new company, with Stars Group shareholders having the rest.
Speaking about the deal Flutter CEO Peter Jackson said, "[The deal] will give us a much bigger platform to operate from. When you are very small in a market you don't have anything that differentiates you and you become a bit of a commodity player."
The merger will be subject to shareholder and regulatory approval and will likely be a long process. We'll update readers as we learn more about the agreement.