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Flutter Entertainment PLC on Tuesday said it is considering an additional US listing amid growing success of its US-based sports betting company Fan Duel. Flutter is a Dublin-based operator of gambling brands such as Sky Bet and Paddy Power. Its New York-based FanDuel, which offers horse racing and an online casino, is set to become its largest business by revenue and a greater proportion of its value. In November, Flutter said that FanDuel is the ‘number one’ sports betting operator in the US, with a 42% share of the online market. In 2021, FanDuel sportsbook and gaming business delivered a positive contribution of $14 million, while overall in 2021 Flutter posted a pretax loss of £288.4 million. Flutter on Tuesday said it has reached a ‘preliminary view’ that an additional US listing of its ordinary shares ‘will yield a number of long-term strategic and capital market benefits’. This would include improving its profile in the US, better recruitment and retention of US talent, more access to deeper capital markets and new US domestic investors, greater liquidity and the option to pursue, as a second step, a primary US listing. Flutter said it expects consultations to start immediately before deciding whether to put forward a formal resolution for approval. It added: ‘In the event that there is broad shareholder support for an additional US listing, this would take precedence over any plans to list a small shareholding in FanDuel.’ Besides being listed on the Main Market of the London Stock Exchange, where it is a FTSE 100 constituent, Flutter already is traded on the New York-based over-the-counter market. Flutter shares rose 1.7% to 12,760.00 pence each on Tuesday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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