Flutter lines up John Bryant as next Chairman ahead of US listing

Flutter Entertainment Plc is in the process of announcing its next chairman as the FTSE100 gambling group finalises its path towards a dual US listing.

According to Sky News, Flutter has lined up former Kellogg Company President and CEO John Bryant (2011-2017) as the next chairman of the £24bn valued firm.

A US retail figurehead and an expert in global PLC management, Bryant is currently a Non-Executive Director of Coca-Cola Europacific Partners PLC, Ball Corporation, Compass Group, and Macy’s Inc.

It was reported that “Mr. Bryant’s appointment was at an advanced stage, but it was cautioned that it has yet to be finalised”; however, it was also “unclear whether other candidates were in discussions with the group.” 

Markets and stakeholders were previously warned that Flutter was engaged in a succession plan to replace Gary McGann as chairman, the incumbent who has led Flutter’s board since 2015.

At the forthcoming AGM on April 27th, Flutter shareholders will vote on whether to sanction a dual listing on a US stock exchange, a move prioritised by corporate governance to accelerate FanDuel as the outright market leader in US sports betting.

In 2022, FanDuel became Flutter’s largest revenue-generating business, in which it amassed a full-year GGR contribution of £2.6bn (34% of the group total). However, Flutter’s “US Growth Child” remains unprofitable, as EBITDA losses stood at £328m – an outcome Flutter has pledged to reverse in 2023.

A US listing is prioritised to secure FanDuel “much deeper capital markets and enable it to retain American talent more easily” – as leadership believes that FanDuel can generate revenues of over $16bn by 2030, addressing a potential US market size of $40bn.

Initial discussions saw shareholders detail “positive feedback” as Flutter’s board seeks to execute its US listing by Q4 2023.

Plans for a US dual listing have concerned the London Stock Exchange (LSE) and its appeal to house multinational corporations. The LSE will likely be impacted by mounting speculation that Flutter will transfer its primary listing to the US in the coming years.

Of significance, Flutter will likely transform the landscape of global gambling if it achieves a valuation of over $45bn (US+LSE), outranking the long-standing Las Vegas Sands (LVS) as the “most valued gambling enterprise”.

The achievement would see McGann and Group CEO Peter Jackson complete all the corporate objectives outlined in 2019, following the transformative merger of Paddy Power Betfair (PPB) with The Stars Group Inc, a deal which founded Flutter Entertainment.