Bruin Capital has reached an agreement to acquire sports betting affiliate Oddschecker from gaming giant Flutter in a deal worth up to $218 million.
Bruin, led by George Pyne, will pay roughly $190 million (£135 million) up front, with another $28 million (£20 million) in deferred considerations.
Oddschecker Global Media, which is popular in the U.K., offers odds comparisons, tips, promos and data for gamblers. Bruin is planning to expand its offerings—possibly through partnerships with teams and leagues—and help fund its expansion in the U.S.
Oddschecker “is a dynamic company with tremendous potential,” Pyne said in a statement. “The team has deep, fact-based intelligence and experience with the mindset and needs of bettors at every level. They’ve turned that into a very diversified, service-oriented business that uplifts its partners and its own interests.”
This is the 23rd principal or add-on investment for Bruin, which Pyne started in 2015. The group’s targets have increasingly come in technology; Bruin has spent roughly $500 million in the space, including recent acquisitions of ad tech firm TGI Sport (a $100 million deal) and data analytics company Two Circles.
The business of affiliate sites, which typically make money both through advertising and by referring bettors to partner sportsbooks, has grown in the U.S. in lockstep with sports betting’s gradual legalization. As an increasing number of U.S. states pass sports betting bills, more operators are launching in the country. New Jersey, for example, now has more than 15 operators, all competing against each other for customer acquisition.
“There are strong links between Oddschecker’s U.K. development and its opportunity in the U.S., where the marketplace is very fragmented, and discovery and customer acquisition experts will be highly sought after,” Pyne said.
Launched in 1999, Oddschecker works with more than 120 clients in the U.S. and Europe. It handles nearly 8,000 line changes per second and 260 million odds updates each day, according to the release. It also owns a handful of gaming media brands.
Bruin’s portfolio includes sports media tech company Deltatre, marketing firm Engine Shop and venture capital firm CourtsideVC. The group has 40 offices and nearly 2,000 employees.
(This article has been updated in the final paragraph to correct the number of offices.)