One of the giants of gambling is buying up more betting companies at a rapid pace.
What’s happening:
- Flutter Entertainment (NYSE: FLUT) has been making multiple new acquisitions of betting and gambling platforms recently
By the numbers:
- Flutter recently announced they will acquire 56% of popular Brazilian gambling platform Betnacional for $350M USD and one of Italy’s largest gambling brands Snaitech for €2.3B
Why it matters:
- Flutter has quickly become the leading publicly traded company in betting and owns some of the largest gambling brands in the world including FanDuel, PokerStars and others
Going deeper:
- Flutter has also been expanding into partnering with other gambling companies to offer their exchange and sports book technology to provide superior liquidity and a more seamless user experience
- Gambling startups have begun to see an acceleration in venture capital funding lately, with sports betting startup Jake Paul co-founded Betr previously raising a strategic round of financing to grow their user base in the United States
The intrigue:
- The landscape of gambling and betting has been seeing many new frontiers, with crypto casinos starting to carve out significant pieces of the gambling ecosystem through leveraging digital asset technology along with a recent rise in popularity for prediction markets to bet on the outcomes of events such as the upcoming presidential election in the United States
