As online sports gambling in the US, Flutter Entertainment is doubling down on its bet. The company announced Thursday that it would be increasing its stake in sports betting site FanDuel to 95% by purchasing Fastball’s 37.2% stake.
The announcement comes on the heels of several online betting acquisitions, including Caesars’ $3.7 billion acquisition of William Hill which was announced in September.
In order to complete the $4.1 billion transaction, Flutter will be raising nearly $1.5 billion in equity. Despite the equity issuance, Flutter shares jumped 8.56% on the announcement.