Flutter multiplied its stake in FanDuel, buying 37.2 percent of the company for $4.18 billion as part of an $11.2 billion valuation.
Eilers Krejcik published market research data that revealed FanDuel owns 33.4 percent of the U.S. betting market, more than any other company.
Flutter, a gambling giant that owns FoxBet, Betfair, Paddy Power and others, is a gambling giant that initially purchased 57.8 percent of FanDuel in 2018.
"Flutter's initial acquisition of a controlling stake in FanDuel in 2018 has been transformational for the shape of the Group," Flutter CEO Peter Jackson said in a statement. "Our number one position in the crucial U.S. market is built on many of the assets we acquired through that transaction, supported by the broader Group's capabilities. Our intention has always been to increase our stake in the business and I'm delighted to be able to do so earlier than originally planned and at a discount to its closest peer."
Fox Sports, through an ownership stake in Flutter, maintains an option to purchase 18.5 percent of FanDuel from Flutter in 2021.
When the latest transaction is final, Flutter will own 95 percent of FanDuel.
--Field Level Media