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FanDuel’s parent company, Flutter Entertainment plc, is on track to commence with a US listing by the end of 2023 after gaining overwhelming shareholder support this week.
Flutter, one of the world’s largest gambling companies, received approval from approximately 99% of voting shareholders at Thursday’s annual general meeting. The U.K.-headquartered company needed approval from at least 75% of votes cast to go public in the US.
Flutter announced in February that it would begin consulting with shareholders on a secondary listing in the US. At the time, Flutter noted that the listing would provide numerous long-term benefits in giving the company access to deeper capital markets abroad and new US domestic investors. In addition, the company believes the move will help enhance the recruitment and retention of workers in the US and result in greater liquidity in Flutter shares.
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Flutter, based in Ireland, will maintain a primary listing in London.
FanDuel, the definitive leader of the US sports betting market, announced in March that the company held a nationwide market share of approximately 50% in the fourth quarter of 2022. Flutter CEO Peter Jackson expressed confidence that FanDuel will deliver full-year profitability in 2023. Jackson added that the US secondary listing would not affect Flutter’s tax structure overseas.
The company also appointed John Bryant as non-executive director and chair designate for Flutter Entertainment. Bryant, a former Kellogg’s executive, will replace Gary McGann effective Sept. 1. Bryant’s US background is viewed as a positive for the company as it moves closer to the secondary listing in New York.
The moves allow Flutter to pursue a primary listing on a New York public exchange.
Flutter also stated in response to Thursday’s release of a comprehensive white paper by the UK Gambling Commission. The 2005 UK Gambling Act review marked the agency’s most thorough evaluation of sweeping technological changes in the industry in more than a decade.
Ahead of the paper’s release, Flutter noted that it made preemptive changes to the company’s responsible gambling program that will negatively impact 150 million pounds ($188.7 million) on its UK business. Flutter closed Friday on the London Stock Exchange at 15,875 pounds, up 0.6%. Flutter shares declined fractionally on the week.
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