Last month, Flutter announced that it would be pursuing a listing in order to support its growth plans and drive further growth in its FanDuel business. The specific details of the listing have not been disclosed yet, but Flutter stated that it will strengthen its profile in the US, attract and retain talent, and provide access to deeper capital markets and US domestic investors. The potential benefits of the listing also include increased liquidity in Flutter shares and the possibility of a primary US listing in the future.
Following consultation with shareholders, Flutter received strong support for the listing. A formal resolution will be presented to shareholders at the AGM on April 27th. The resolution requires at least 75% approval from the votes cast by shareholders in order to pass. If approved, Flutter plans to implement the additional listing in Q4.
In its 2022 financial year, Flutter reported a 27% increase in revenue compared to the previous year, driven by growth in the US market and the acquisitions of Sisal and Tombola. The FanDuel brand in the US has been gaining market share, reaching 50% in the online sportsbook segment and 21% in igaming in Q4. The US business is expected to be earnings-positive in 2023.
Flutter CEO Peter Jackson highlighted the company’s strong position in the US and the success of recent launches in Maryland and Ohio. However, the company also faced a $4.0m civil penalty from the US Securities and Exchange Commission (SEC) related to The Stars Group’s use of third-party consultants in Russia. Flutter acquired The Stars Group in 2020, and the SEC order covers a period from May 26, 2015, to May 15, 2020.
