Fox Corporation To Sue Flutter Entertainment

Rupert Murdoch’s Fox Corporation have filed a lawsuit again Betfair Paddy Power owner Flutter regarding a dispute over the share value of US sport betting firm FanDuel.

In a statement by the media corporation it said that it has an option to acquire 18.5% of the shares in FanDuel and at the same price as Flutter Entertainment in December 2019 when both FanDuel and Flutter merged.

It is claimed that Fox is allowed to acquire the shares at the same value as Flutter did as Fox assisted with the merger of the UK and US companies which was valued at $11.2 billion.

Now with Flutter considering listing part of their business on the US stock Exchange Fox wants the shares at the same price not at the offered special price Flutter gave them in July last year.

Flutter is the largest gambling company in the World and the company sees the US in helping it grown bigger, but the possibility of alienating Fox could be dangerous and create what was an assistant into a competitor.

New York Includes Sports Betting & New Casinos In Budget

New York lawmakers working on the 2022 budget for the state have included in it revenues from sports gambling and also three new casinos to be built in downtown New York.

It took all parties late into the night to come to agreement on the fiscal policy for the state that has been ravaged by COVID-19 last year and is still recovering from the pandemic now.

However Governor Andrew Cuomo said on the deal: “we worked with the leaders of the Senate and Assembly to finalize the details of the fiscal year 2022 budget yesterday. It took a lot of effort on everyone’s part, and it was known that finding common ground would not be an easy task.”

In the budget which is not 100% completed or clear, but revenues from what it seems is to be two sports betting operators allowed would have to stump up 50% of revenues to the state coffers. That seems incredibly high but the rewards from working in New York sports betting could still attract major companies to apply for a license.

Also in the budget is the provision to allow three new casino licenses for the state in downtown New York which it believes can generate $500 million a year from each licensed operator.