It has been announced today that bookmaking holding firm created by the merger of Paddy Power and Betfair; Flutter Entertainment, has received approval from the Competition and Markets Authority; a non-ministerial government department in the United Kingdom, for its proposed acquisition of Canadian gaming company The Stars Group; operator of leading gaming products PokerStars, PokerStars Casino, BetStars and Full Tilt Poker.
The approval moves one step closer to the company merger deal but is still subject to approval by shareholders of both Flutter Entertainment and The Stars Group.
The Competition and Markets Authority is responsible for strengthening business competition and preventing and reducing anti-competitive activities and today’s announcement proves that the deal will not lead to a significant loss of options for consumers as first thought as raised by some who were concerned that the merger would lead to a substantial lessening of competition.
According to reports, the deal is still also subject to approval by a number of other smaller regulatory bodies.
Chief executive officer at Flutter Entertainment Peter Jackson said:
“We continue to work with the remaining international regulatory authorities to obtain the last of the outstanding approvals.”
Flutter Entertainment currently operates under various brands including Betfair, Paddy Power, Sportsbet, TVG and FanDuel.
Reportedly, the acquisition merger deal is worth in excess of six billion dollars.
It is not yet clear when the merger will receive approval from other bodies that may span beyond the annual shareholder meetings of the two firms due to the ongoing coronavirus pandemic.