wordpress blog stats
Connect with us

Hi, what are you looking for?

Global sports betting and gaming company Flutter acquires majority stake in JungleeGames

Playing Cards Gambling

The world’s largest online betting and gaming group, Flutter Entertainment, has acquired a majority stake in Junglee Games, an Indian company that operates JungleeRummy, Junglee Teen Patti, and real-money fantasy gaming service Howzat. The deal was for a consideration of 66.2 million (₤48 million) for a 50.1% majority stake, with Flutter having the option to buy the remaining 49.9% of the company by 2025.

Based on its December 2020 run-rate, Junglee Games is expected to generate annualised gross revenue of approximately ₤50 million in a full year. Flutter sees “good potential” in further developing Junglee’s products, including its recently launched Howzat.

The acquisition is part of Flutter’s strategy to expand its international footprint. The success of Adjarabet — Flutter acquired the Georgian online gambling company in 2019 — showed the importance of acquiring local brand leaders to bring expertise, the company said.

It’s worth noting that real-money gaming (or online gambling, depending on which Indian state one is located) have been facing growing scrutiny and straddle between varying (and outdated) state gaming laws, court cases demanding better regulation. They are plagued with legal and regulatory uncertainty. According to Cricket Prediction, the deal was valued at a considerably higher price point than expected due to the recent bans on real-money gaming in Andhra Pradesh and Tamil Nadu, both states with significant populations. Most recently, the Kerala government banned online rummy for stakes in response to a court case. JungleeRummy.com is a part of ‘industry body’ The Online Rummy Federation.

With over 6 million customers in over 100 countries, Flutter operates some of the most recognised sports betting and gaming brands — Paddy Power, Betfair, FanDuel, Sportsbet, among others. After a merger with the Stars Group, Flutter now operates in five divisions – Paddy Power, Betfair, and Adjarabet; PokerStars (online poker, gaming and betting offerings under PokerStars, BetStars, and Full Tilt); sky betting and gaming; operations in Australia consisting of Sportsbet and; operations in the US including FanDuel and Betfair.

Advertisement. Scroll to continue reading.

Also read 

You May Also Like

News

The National Payments Corporation of India (NPCI) will permanently ban all gaming transactions under Rs 50 that are processed by the Unified Payments Interface,...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ