![Could Flutter Join Potential Acquisition Bid Of PENN Entertainment? Could Flutter Join Potential Acquisition Bid Of PENN Entertainment?](https://sportshandle.com/wp-content/uploads/2024/05/flutter-nyse-exterior.jpg)
As PENN Entertainment mulls whether to consider an acquisition bid from Boyd Gaming Corp., a recent report suggests Flutter may enter the fray.
According to a July 5 report from , Flutter is “sizing up” certain assets of PENN Entertainment, a gambling company that owns more than three dozen casino properties nationwide. A potential power play by Flutter to acquire ESPN BET could present the latest shakeup in a rapidly changing domestic sports betting market. Less than seven years since the historic PASPA decision, the market has already undergone dramatic shifts as a host of mid-sized sportsbooks have shuttered operations. Large-scale industry consolidation has created a market that is predominantly controlled by a handful of major operators.
Last month, PENN shares spiked amid reports that Boyd approached the company about a potential acquisition bid. A bid for PENN by Boyd is fraught with complication considering that the latter is the smaller of the two. When reports surfaced last month, PENN was trading at around $20 a share for a valuation of roughly $9 billion — considerably higher than the $7.8 billion valuation Boyd had at the time. Outside of its retail properties, Boyd owns a 5% stake in FanDuel Group.
Flutter, the parent company of FanDuel, moved its primary listing to the New York Stock Exchange this spring. Despite the move, Flutter is still listed overseas on the London Stock Exchange.