Flutter heading stateside as shareholders back listing

Flutter heading stateside as shareholders back listing

Shareholders of Flutter Entertainment have almost unanimously backed a US listing, with 99.9% of voters backing the idea at the group’s AGM this morning. 

The Ireland-based group first aired the idea earlier this year when it held consultations with shareholders and explored the possibility of a secondary listing. 

Aiming to support the growth of FanDuel, its US sportsbook brand that has established itself as the market leader, boasting over 50% market share in 2022, Flutter took the motion to a vote at its AGM this morning. 

Requiring 75% of the vote, shareholders almost unanimously backed the idea as over 99.9% of votes were in favour of a US listing. 

The group now shifts its focus towards realising its aim, with a target of listing on either the NYSE or NASDAQ before the end of the year. 

Addressing investors’ queries ahead of the vote, Flutter noted that much of the group’s circumstances will remain the same. It will remain headquartered in Dublin, whilst it will still be incorporated and domiciled in Ireland, and the group will also remain a constituent of the UK’s FTSE 100 Index unless plans change to make a primary US listing. 

Instead, Flutter will look to take the opportunities of the secondary US listing, which will include access to “much deeper” capital markets and to new US domestic investors; greater liquidity of shares; better chances to recruit and retain US talent; and provides the opportunity to make the primary US listing later down the line. 

Flutter, via FanDuel, is the undisputed market leader in the US sports betting industry, with over 51% market share during 2022. Moreover, it had over three million active monthly players during Q4 and is the market leader in 15 of 18 sports betting markets. 

FanDuel also has 21% of the online casino market share in the US as it continues to roll out FanDuel Casino. 

The operator’s financial figures in 2022 were healthy too, with revenues of $3.2bn in 2022, up 67% YoY, whilst its EBITDA loss narrowed by 6% to $313m. However, the firm claims it was EBITDA positive in Q2 and Q4, apart from investments made into the launches of both Maryland and Ohio

Flutter CEO Peter Jackson told investors earlier this year: “We have a clear strategy to improve our igaming performance and grow our podium position, through increasing our focus on casino direct igaming customers and improving our product range and player experience. Although it is early days, we are pleased by the progress to date. 

“Q4 customer player days were 1.5 times the comparable period last year benefitting from the introduction of our FanDuel casino daily reward machine in Q3. Flutter exited the year with 63% growth in Q4 igaming AMPs and a 21% share of the Q4 igaming market, with FanDuel Casino sharing three percentage points higher than in Q4 2021.”

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