Telegraph e-paper

Paddy Power owner Flutter poised to bet on US listing

By James Warrington

THE betting group behind Paddy Power is poised to set up a new listing in the US in a blow to the London Stock Exchange.

Flutter, which also owns Betfair, Sky Bet and Fanduel, said it will put plans for an additional listing in New York to shareholders for a vote at its annual general meeting next month.

The company said it will aim to complete the deal, which requires approval from 75pc of shareholders, in the final quarter of the year.

It comes after the gambling giant last month outlined plans to list its shares in the US as the group looks to capitalise on the growing American market.

The Irish company said the move would help it to enhance its profile in the US, as well as making it easier to attract talent and access capital markets in the country.

Flutter has not yet announced which stock exchange it will list on, but has previously said the move will be to either the NYSE or Nasdaq.

The company has also raised the prospect of shifting its primary listing from London to New York. If approved, the new listing will put paid to Flutter’s previous plans to float its US sports betting division Fanduel.

Flutter is increasingly focusing on the US as the country gradually overturns a ban on sports betting. Fanduel is now its largest business by revenue and is valued at $22bn (£18bn).

Flutter and rivals including Entain and 888 are facing a regulatory crackdown in the UK amid concerns about a rise in problem gambling.

The move will deal a fresh blow to the London Stock Exchange, which is suffering an exodus of major companies and in November lost its crown as Europe’s biggest stock exchange to Paris. Earlier this month Cambridge chipmaker Arm confirmed it will pursue an initial public offering in the US.

Business

en-gb

2023-03-25T07:00:00.0000000Z

2023-03-25T07:00:00.0000000Z

https://dailytelegraph.pressreader.com/article/282243784843558

Daily Telegraph