FanDuel’s parent company is interested in going public.
On Tuesday, Flutter Entertainment said its board is consulting with shareholders to gauge their interest in a listing on the U.S. stock exchange. The company’s board reached the view that “an additional U.S. listing of Flutter’s ordinary shares will yield a number of long-term strategic and capital market benefits,” according to the Financial Times.
After consulting shareholders, the company would take a vote at its annual meeting in April, requiring 75% approval.
Flutter’s stock is traded in Europe. The Ireland-based company said a public listing would allow the company to expand its profile in the U.S., helping attract and retain talent.
- The U.S. is now Flutter’s largest country by revenue.
- FanDuel, which makes up the biggest segment of Flutter’s overall business with $3 billion in annual revenue, leads the nation’s sports betting market.
Flutter also owns Paddy Power and Betfair.
FanDuel’s Favor
Flutter acquired FanDuel, which was reportedly valued at $22 billion in November, in 2018 for $158 million.
During the Super Bowl, FanDuel accepted 50,000 bets per minute at its peak and averaged 2 million active users during the game. It expects to be profitable by its full-year 2023 earnings.
