Flutter Entertainment Starts Process for US Listing
LISTEN TO THIS ARTICLE:Irish gambling group Flutter Entertainment has secured the approval of its shareholders to get a public listing in the US.
The development came after the company's AGM meeting, where shareholders voted 99% in favor of Flutter Entertainment seeking a US listing that would be secondary to its Euronext Dublin and London Stock Exchange listing.
According to Flutter, the secondary listing will be on the New York Stock Exchange or NASDAQ exchange. The company has also projected mid-Q4 2023 as the completion time of the listing.
While addressing investors, Flutter informed them that the secondary listing would not lead to significant business changes. Its headquarters will still be in Dublin, while it will still be incorporated and domiciled in Dublin.
The dual listing aligns with Flutter's plans to expand into the United States, where its sports betting and fantasy sports brand FanDuel already controls a large market share of the country's betting industry.
In 2022, Flutter recorded a $3.2b gross gaming revenue in the United States compared to its $9.6bn overall revenue, making the jurisdiction highly significant in its general operations.
This development coincides with the appointment of John Bryant to Flutter's board as a Non-Executive Director and Chair Designate.
Bryant, a NED of Ball Corporation, Compass Group, and Coca-Cola European Partners plc, will assume his new responsibilities in the company on September 1 when his predecessor Gary McCann leaves.
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