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Flutter Entertainment to defend its position against Fox in FanDuel arbitration

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DUBLIN (Reuters) -Betting group Flutter Entertainment, the owner of Paddy Power, Betfair and PokerStars, on Wednesday said it will “vigorously defend its position” after Fox Corp filed a suit against the company related to its option to buy a 18.6% stake in U.S. sports betting firm FanDuel Group.

Fox FOXA.O wants to acquire the stake in FanDuel for the same price Flutter paid for the interest in December last year. Flutter argues the parties had agreed the exchange should take place at a fair market value.

Flutter, which merged its U.S. business with FanDuel in 2018, raised its FanDuel holding to 95% in December in a $4.18 billion deal, enlisting Fox’s help to get the transaction through and giving it the option to buy 18.6% of FanDuel

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