Flutter is to consult shareholders on proposals for an additional US listing of its shares amid the growing importance of its fast-growing FanDuel business there to the overall group.
The Paddy Power owner said the board’s preliminary view was that the move would yield a number of long-term strategic and capital market benefits, including enhancing the group’s US profile, opening access to new capital markets and investors, and greater overall liquidity in Flutter shares. The listing could also open the way for a primary US listing for the group. Headquartered in Dublin, Flutter currently has its primary listing in London and a secondary one on the Irish market.
FanDuel, which currently has a 40 per cent market share in the US, is expected to become Flutter’s largest business by revenue and represent a greater proportion of its overall value. The US unit currently has $3 billion in revenue, and is on track for profitability in 2023. The company said it had been assessing for some time Flutter’s listing structure. It has also considered listing some shares in FanDuel.