Cadence Bank Houston Open Matchup Picks
November 8, 2022
NCAAF Odds – Week 11 Best Bets
November 8, 2022
Last week, a New York arbitration court ruled in a high-profile case between Flutter and Fox Corp. One that garnered considerable attention from investors despite the late Friday evening news dump. As with many arbitration cases, both sides claimed victory in the longstanding dispute. Under New York’s Judicial Arbitration and Mediation Services (JAMS) ruling, Fox retained the right to purchase an 18.6% equity option in FanDuel Group for $3.72 billion. And with a 5% annual escalator. With the escalator, the option’s value rose to $4.1 billion as of Nov. 4.
Sportsbooks such as BetRivers are coming in hot for the current 2022 college and pro football season. Further, the World Cup is drawing close while the NBA and NHL regular seasons are all underway and coming in hot with action available now. This is the best time of year for sports betting activity in overdrive. Check out their DAILY specials and bonuses today!
The option comes at a significantly higher price tag than the one initially sought by Fox. The arbitration tribunal determined that the option’s price is based on FanDuel’s fair market value of $20 billion as of December 2020, when Flutter announced the acquisition of Fastball’s 37.2% stake in FanDuel, Flutter noted in the statement. U.K.-based Flutter, one of the world’s largest gambling conglomerates, is the parent company of FanDuel.
For purposes of the option, FanDuel is now valued at $22 billion. When the escalator is factored in, according to the JAMS ruling. The price is roughly double the $11.2 billion valuation for FanDuel estimated by Fox Corp. when the conglomerate filed a lawsuit against Flutter over the fair market value of the option.
Had the tribunal determined that the valuation was nearer the level sought by Fox, the price of the equity option would have been closer to $2 billion.
Fox Corp. countered that Jeffries valued FanDuel at £25.3 billion ($35.1 billion) in 2021, translating to a strike price of nearly $6 billion for the option. The $6 billion cost is considerably higher than the one determined by the arbitrator’s ruling. In further support of the ruling, a company spokesperson said Fox would seek to confirm the award in federal court.
At a time when the intersection between major media networks and sports betting has reached a crossroads, Friday’s ruling brings significant implications for both industries. While there had been some optimism in recent months that an accord between the mammoth companies could be reached, a harmonious outcome now seems less feasible.
Fox Corp. received an option to purchase up to 50% of The Stars Group’s (TSG) U.S. assets in a May 2019 deal, struck roughly a year after the U.S. Supreme Court’s historic PAPSA decision. Flutter’s subsequent purchase of TSG months later contained an option for Fox Corp. to acquire an 18.6% equity interest in FanDuel. The Stars Group’s U.S. division includes the operations of FOX Bet, Pokerstars U.S., and FOX Bet Super 6 — a free-to-play contest.
Now is the time to check out BetRivers for the latest bonus offers for all major sports. There are also DAILY SPECIALS to check every day of the week!
