FanDuel's parent company Flutter, the gaming company that owns 95% of one of the most popular online sports betting sites, is looking to expand to a secondary stock listing in the U.S. per its announcement.
Looking to enhance its profile in America, Flutter, which is already listed on the London Stock Exchange, says it received “very strong support” from shareholders to pursue being added to the New York Stock Exchange or NASDAQ.
A formal resolution will be voted on by shareholders during an April 27 meeting. Flutter will need approval by 75% of voters to obtain a U.S. listing, and if the company reaches that number, it announced it would look to have its stock go live in the U.S. by the fourth quarter of this year.
Flutter believes a secondary listing will help the gaming company recruit and retain workers in the U.S., deepen capital marketing with new investors, and provide greater liquidy in overall shares.
FanDuel flourishing
Being listed in the U.S. could also slow down long-running consideration of breaking the profitable FanDuel off from Flutter. No news of that came from the recent announcement on the potential listing announcement, but Flutter in the U.S. could help bolster an already soaring brand.
Along with competitor DraftKings, FanDuel has become one of the premier operators, accounting for 50% of the market share by the fourth quarter of last year in 15 of the 18 legal sports betting U.S. states.
FanDuel made up $3.2 billion of Flutter’s $9.1 billion of reported revenue from 2022, which was up 27% year-over-year.
FanDuel recently announced a series of initiatives to promote responsible gaming during Problem Gaming Awareness Month. FanDuel donated $100,000 to the National Council on Problem Gambling to support a grant that, in partnership with the NFL, helps provide funding to non-profit organizations looking to help problem gambling in areas of the country where there are no other programs.
