Flutter shareholders to decide on US listing next month

A formal resolution to its shareholders at Flutter’s annual general meeting on April 27.

UK.- Ireland’s Flutter Entertainment has confirmed that it will take a shareholder vote on its plans to list ordinary shares in the US for FanDuel through a formal resolution at its annual general meeting (AGM) on April 27. The London-listed operator says the plan received “strong support” from the shareholders in a consultation.

If passed, the resolution will require changes to be made to Flutter’s articles of association so that it can make an additional listing in the US, with a target to make the listing by Q4 of this year. The resolution will need to be passed by a 75 per cent majority of shareholders.

Flutter reported a 27 per cent increase in revenue for 2022 to £7.69bn. US operations were particularly strong. The operator has also reached an agreement to settle a bribery case brought by the US Securities and Exchange Commission. The case involved allegations of bribery against Pokerstars dating back to before the brand was acquired by Flutter in 2020. Flutter will pay a $4m settlement.

Meanwhile, Flutter recently announced that it has extended its deal with PA Betting Services until 2028. The deal allows Flutter brands, such as Paddy Power and FanDuel, to receive racing data from more than 50,000 horse and greyhound races per year.

PA Betting Services director Eugene Delaney said: “We are proud to play such an integral role for Flutter. We are excited to be extending our partnership with such an esteemed global brand that continues to see its coverage and demand grow, the PA Betting Services’ extensive range of services will continue to support this.”

Flutter is one of several operators to have made scathing criticism of the British Gambling Commission in a UK government consultation.