Flutter Eyes $2 Billion Playtech Deal to Boost FanDuel
Transcript
00:00All right, everyone familiar with FanDuel Sportsbook, some people familiar with the
00:07fact that they're owned by a company, the parent company is Flutter.
00:10And Flutter, it looks like right now, Matthew, looking to expand to other companies, which
00:16they've already done already, by the way.
00:17But this latest one is Italy.
00:19What is the deal here?
00:20Yeah, Flutter is the parent brand that owns FanDuel.
00:24And it's how FanDuel is different from DraftKings, right, Craig?
00:28What they have is DraftKings.
00:30They have what they do, they have their online casino, their sportsbook.
00:36Flutter has all kinds of international business that has given them a backstop to push FanDuel
00:42further and not have to worry about making a profit as quickly, even though they have.
00:47Now they're looking at dropping up to $2 billion on buying Snytech, the leader of Italian sports
00:54betting.
00:55And it's just, it's kind of crazy, Craig, because, you know, we had the conversations
01:00come up where maybe Flutter would be buying the interactive business of Penn, if Penn
01:06wanted to sell after that shareholder letter came out and there was all those, the rumors
01:12about maybe Penn selling to Boyd, and then maybe Flutter jumps in and buys that.
01:17Now they're looking at maybe spending $2 billion in Italy and look, they didn't even say no,
01:23that they weren't looking into buying the interactive business of Penn Entertainment.
01:29They basically just said, you know, some of the best deals are the ones we haven't done,
01:33but they didn't say yes or no.
01:34So Flutter is busy.
01:37We know that Flutter just wants to keep building and keep growing.
01:41And you know, on the other side of things, DraftKings has to be a little careful with
01:46what it does.
01:47It doesn't have the cash flow coming in.
01:48So Flutter is able to do things a little bit differently.
01:52And right now we're seeing just exactly what they can do.
01:55Adding Snytec would be huge for their bottom line and would make them an even more attractive
02:02company for investors.