It does not seem that the Irish gambling and sports betting giant Flutter Entertainment is willing to slot its global expansion any time soon, as the operator continues to grow its international footprint. The business-to-business online gambling software developer Singular, which has become the latest asset in Flutter Entertainment’s portfolio, has confirmed that it is ready to hand over 100% of its shares to the Irish gambling and sports betting company.
The move will allow Flutter Entertainment to expand even more in the Commonwealth of Independent States, or the so-called CIS region.
The two companies had a long-standing relationship that included their partnership on the Adjarabet brand of the Irish bookmaker. Their collaboration was extended for five more years in March 2021, with Singular being allowed to continue operating as the online gambling and sports betting platform provider of the aforementioned brand. Now, the two operators are taking their partnership even further and to a whole new level, as Singular is set to be added to Flutter’s company portfolio in full.
As the gambling and sports betting giant announced, Singular is set to soon become the driving force of other Flutter brands, such as Paddy Power, Betfair, The Stars Group and Sky Bet. As mentioned above, the deal will provide Flutter Entertainment with access to regulated markets in the CIS region, with the operator continuing its massive growth all over the world.
Flutter Entertainment Will Get Better Presence in the CIS Region Thanks to the Acquisition
The deal was described as a huge recognition for Singular by Darko Gacov, the company’s co-founder and Chief Business Development Officer, which has managed to build a well-established presence and now has set the foundation of an exciting new chapter in the company’s future.
The takeover deal was partly carried out with the assistance of Partis Capital and Crowe UK, both of which are experienced in company mergers and acquisitions and have acted as advisors to the shareholders of the Malta-based business.
Neither Flutter Entertainment nor Singular have revealed the value of the takeover deal. According to experts and market analysts, the acquisition could have resulted in a recent increase in the Irish gambling and sports betting giant’s stock. The gambling giant’s stock on the London Stock Exchange (LSE) was trading at £143.71 on October 22nd, before it started to increase again.
Although the stock has remained fluctuant, the takeover deal is expected to give a boost to Flutter Entertainment over the months, and possibly, years to come. Both online gambling and sports betting are expected to remain strong in the Commonwealth of Independent States, despite some legal hurdles and controversies it has recently faced. Russia has tried to block access to online gambling services but has failed, or at least for the most part, while gambling is not only allowed but also flourishing in certain parts of the country.
Olivia Cole has worked as a journalist for several years now. Over the last couple of years she has been engaged in writing about a number of industries and has developed an interest for the gambling market in the UK.