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FTSE 100: Betting group Flutter considers additional listing in the US

Brian McGleenon
Updated ·2-min read
Flutter Arcadia, - December 26: Jockey Mike Smith riding Taiba wins the Malibu Stakes (Grade 1) race during Opening day of the winter-spring meet at Santa Anita Park in Arcadia on Monday, December 26, 2022. (Photo by Keith Birmingham/MediaNews Group/Pasadena Star-News via Getty Images)
Betting company Flutter claims that a US listing would increase the group's share liquidity and provide access to domestic US investors and the recruitment of American workers. Photo: Keith Birmingham/MediaNews Group/Pasadena Star-News via Getty (MediaNews Group/Pasadena Star-News via Getty Images via Getty Images)

UK betting group Flutter (FLTR.L) is exploring the possibility of an additional listing in the US, with ambitions to take advantage of the growth potential in the American gambling market.

According to the FTSE 100-listed (^FTSE) owner of Paddy Power, the company's board have concluded that an additional US listing of Flutter's ordinary shares would provide numerous long-term strategic and capital market benefits.

On Tuesday, shares in Flutter Entertainment rose 2.59% in early trading in London, rising to a price of £12,870.

Flutter plans an immediate consultation with shareholders on the possibility of a US listing.

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The betting company claims that a US listing would increase the group's share liquidity and provide access to domestic US investors and the recruitment of American workers.

Flutter said that the plan would open up the possibility for a primary US listing in the future.

The company announced that any plan to list in the US would take precedence over an earlier proposal to list a stake of its American branch FanDuel.

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FanDuel, which is Flutter's US business in sports betting and online casinos, became its largest revenue unit and turned profitable in 2022.

The company's UK businesses saw a revenue decline in the first half of 2022 following increased domestic regulation.

“The board appreciates that this is an important topic for shareholders and intends to consult extensively before deciding whether to put forward a formal resolution for approval. The group expects to start this consultation immediately,” Flutter said in a statement.

The firm added: “In the event that there is broad shareholder support for an additional US listing, this would take precedence over any plans to list a small shareholding in FanDuel.”

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