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Flutter Entertainment to defend its position in arbitration

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DUBLIN, April 7 (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's position that it has a right to acquire an 18.6% interest in FanDuel based on an $11.2 billion valuation is incorrect. It would represent a windfall to FOX compared to the fair market valuation as of July 2021, to which the parties had previously agreed," the company said in a statement.

(Reporting by Graham Fahy; editing by Jason Neely)