Flutter Board Member Gets Nod from the Nevada Gaming Commission Ahead of NYSE Listing
LISTEN TO THIS ARTICLE:The Nevada Gaming Commission granted approval for the licensing of Holly Koeppel, a board member and chair of the audit committee for Flutter, the parent company of FanDuel and other online gambling and betting platforms.
Flutter Shapes Up in the US
The approval comes as FanDuel prepares to be listed on the New York Stock Exchange (NYSE), expected to happen shortly before the Super Bowl. Koeppel highlighted the increased oversight and activity required for Flutter's impending listing on the NYSE, noting the substantial time commitment in recent years due to these developments.
Despite being the largest sportsbook in the US, FanDuel has a relatively limited presence in Nevada. It collaborates with Boyd Gaming at the Fremont Hotel Casino in downtown Las Vegas, where FanDuel provides betting odds and recommendations, while Boyd's staff manages the sportsbook.
Boyd also holds a 5% stake in FanDuel. Koeppel, the approved board member, previously served as a senior adviser to Corsair Capital and held executive roles at Citi Infrastructure Investors and American Electric Power Corporation.
Commission members expressed admiration for Koeppel's credentials during the approval process. In her capacity as the chair of the audit committee, Koeppel highlighted the consistency in her role at Flutter compared to previous experiences in similar positions at other companies.
Serving in this role since 2022 and as the senior independent director since the previous year, Koeppel emphasized her satisfaction with Flutter's initiatives to promote gender diversity in an industry predominantly dominated by men. She also shared her perspective on the importance of understanding what is right, emphasizing that regulations need to adapt as the industry evolves.
Koeppel Will Have to Prove Herself
During the licensing hearing, Commissioner Brian Krolicki raised a concern regarding Koeppel's time commitments, given her multiple board responsibilities and chairing audit committees for other public companies. Koeppel clarified that she serves on the boards of four companies and chairs the audit committee for three, with restrictions on serving any others.
Krolicki expressed confidence in Koeppel's skill set but noted the potential challenges associated with managing various responsibilities. Koeppel acknowledged that, ideally, she would spend six hours per month on her role, but that level of commitment is expected to materialize only with a more mature company.
Flutter reported $12 billion in revenue for the fourth quarter, representing a 25% increase over the previous year. However, in the US, the company fell short of revenue expectations, reporting $1.4 billion, attributed to customer wins in NFL bets at FanDuel.
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