Americans will likely soon be able to own a piece of Flutter, the parent company of the leader in the US sports betting market, FanDuel. Shareholders in the UK overwhelmingly approved a proposal to take the company public Stateside.
The public listing in the United States will be a secondary offering for Flutter. The company is based in Ireland and is primarily traded on the London Stock Exchange. A secondary listing in the United States will not change the tax status of the company overseas.
By listing the company publicly in the United States, Flutter CEO Peter Jackson says the company will have access to deeper capital markets abroad. With investment from Americans, he also hopes it will be easier to recruit and retain US-based talent for FanDuel.
Investors in Europe clearly see the benefits. Flutter needed 75% approval from shareholders to go forward with its plan. It ended up with 99% approval.
Flutter has every reason to want to establish firmer roots in the USA. Jackson says FanDuel held a nationwide market share of approximately 50% in the fourth quarter of 2022. He expects that 2023 will be a full year of profitability for the brand.
