Flutter Entertainment to defend its position in arbitration

DUBLIN (Reuters) – Betting group Flutter Entertainment, the owner of Paddy Power, Betfair and PokerStars, on Wednesday said it will “vigorously defend its position” after Fox Corp filed a suit against the company related to its option to buy a 18.6% stake in U.S. sports betting firm FanDuel Group.

“Fox’s position that it has a right to acquire an 18.6% interest in FanDuel based on an $11.2 billion valuation is incorrect.

It would represent a windfall to FOX compared to the fair market valuation as of July 2021, to which the parties had previously agreed,” the company said in a statement.