Flutter Entertainment has reportedly received sufficient support from investors to pursue a US stock exchange listing. Sky News indicated on Wednesday that the Ireland-based gambling group will publicly announce the news at its annual meeting on Thursday. Support from at least 75% of shareholders was necessary for the move to get the all-clear to proceed.
It sees FanDuel as eventually becoming the group’s biggest revenue driver.
Flutter originally floated the idea of a US listing in February. One of the key reasons for such a move would the growing success of its North America-focused FanDuel brand. It sees FanDuel as eventually becoming the group’s biggest revenue driver. A US listing would boost the company’s profile, provide access to deeper capital markets, and help with recruitment.
A number of other major companies are also moving away from London Stock Exchange (LSE) primary listings. These include investment holding company SoftBank and building materials group CRH. It is unclear if Flutter will keep its LSE listing long-term. The expectation is that Flutter will also announce the appointment of John Bryan as the next chairman this week.