Flutter Entertainment, the company behind betting giants Betfair and Paddy Power, is eyeing up a move onto the US Stock Market. This move would help the company solidify its position in the ever-growing US market.
A move onto the US market would be seen as a significant step towards enhancing the company’s profile in the States. Flutter already trades on the stock market in both London and Dublin and is currently the world’s largest listed gambling company.
The decision will not be taken lightly, though, and it will be put to shareholders in an annual meeting in April. To pass, it would require a 75% approval rate. The company has not yet decided whether it will be listed on the New York Stock Exchange or the NASDAQ.
In a statement released by Flutter, it said that the company would make sure to consult its shareholders extensively regarding the decision. It promised that these talks would start immediately and that shareholders would be informed of any decisions imminently.
Flutter Entertainment is in charge of multiple brands, one of which is FanDuel, one of the biggest sports-betting companies in the States. It has previously considered a separate listening of FanDuel in America, but there were complications regarding a dispute with Fox.
The US betting market has opened up massive opportunities for operators, and few have capitalised on that as much as Flutter. FanDuel is a massive operator in America, and several of its other brands have also been embraced by American bettors.
Flutter has stated that the USA is now its largest country by revenue. As such, moving onto the US Stock Market would make a lot of sense, with the company expected to draw a premium valuation and a strong IPO.
The news comes just days after FanDuel saw record numbers recorded on the Super Bowl LVII. The company also aired a brief commercial during the game itself, offering millions in free bets to customers.
Flutter Entertainment is an Irish gambling company that owns and operates some of the largest betting brands in the world. The company was formed in 2016 with the merger of Paddy Power and Betfair. In 2019, it rebranded as Flutter Entertainment.
The company is in charge of some of the top UK online casinos and operators, including names like SkyBet and Tombola. It has a strong presence in both America and Australia, owning popular brands like FanDuel and BetEasy. It also owns popular poker rooms like Pokerstars and Full Tilt Poker.