Flutter eyeing US stock market listing as American interest grows

Flutter is to consult with shareholders about listing on the US stock exchange with its American venture FanDuel on course to become the gambling giant’s largest business by revenue.

The parent company of operators such as Betfair, Paddy Power and Sky Bet trades on the markets in London and Dublin, but is seeking input from its shareholders on adding a US listing as the country becomes a more significant and dominant part of its overall operation.

Flutter said a US listing for the business would “enhance the group’s profile in the US, better enable recruitment and retention of US talent, give access to much deeper capital markets and provide greater overall liquidity”.

In a statement, Flutter said on Tuesday: “The board appreciates that this is an important topic for shareholders and intends to consult extensively before deciding whether to put forward a formal resolution for approval.

“The group expects to start this consultation immediately. The results of the consultation will be announced in due course.”

Flutter added that if there was a “broad agreement” between shareholders to pursue a listing in the US, it would “take precedence over any plans to list a small shareholding in FanDuel”, with an initial public offering in the company having been previously mooted.

During an investor relations day in November, Peter Jackson, Flutter’s chief executive, said “the US market represents the single biggest opportunity in our sector today”, predicting that by 2030 the total US betting market would be worth approximately $40 billion.

The dominant position of FanDuel in the US market was underscored by Flutter in November, when it indicated the firm had a 42 per cent share in the American online sports betting market.

Read these next: 

Black market betting a 'significant threat' as a result of affordability checks, survey reveals

Gambling Commission denies mandating the affordability checks blighting punters 

Tom Segal had a 16-1 winner on Saturday - get 50% off for three months 

Sign up to receive On The Nose, our essential daily newsletter, from the Racing Post. Your unmissable morning feed, direct to your email inbox every morning.