Flutter Entertainment Plc started work on preparing a secondary US listing for its shares as sports betting soars in across the country.
(Bloomberg) — Flutter Entertainment Plc started work on preparing a secondary US listing for its shares as sports betting soars in across the country.
The board of Dublin, Ireland-headquartered Flutter, one of the world’s biggest gambling groups, said the move would boost its profile in the market, access to talent, deepen its capital access, and pave the way to a possible primary US listing later on.
Flutter’s board will immediately start a consultation with shareholders, it said in a statement on Tuesday. If there’s support for a secondary US listing, it would take precedence over a previous plan to float a small shareholding in its US business, FanDuel.
This would “yield a number of long-term strategic and capital market benefits,” Flutter said in the statement, now FanDuel is “becoming the Group’s largest business by revenue and an ever-greater proportion of its overall value.”
Betting in US states has become a market worth billions and the biggest market for Flutter, formerly known as Paddy Power, less than five years after the US Supreme Court effectively legalized sports gambling.
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