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(Sharecast News) - Gambling outfit Flutter Entertainment said it was considering a US listing and would starting consulting shareholders on the matter as its FanDuel operation grew in importance to the group.
The Paddy Power and Betfair owner on Tuesday said US-based FanDuel was on the way to becoming the group's largest business by revenue and an "ever-greater" proportion of its overall value.
Flutter said a listing would enhancing the group's US profile, better enabling the recruitment and retention of US talent; give it access to "much deeper" capital markets and new US domestic investors providing greater overall liquidity in Flutter shares and optionality to pursue, as a second step, a primary US listing.
"The board appreciates that this is an important topic for shareholders and intends to consult extensively before deciding whether to put forward a formal resolution for approval. The group expects to start this consultation immediately," Flutter said in a statement.
Reporting by Frank Prenesti for Sharecast.com
"In the event that there is broad shareholder support for an additional US listing, this would take precedence over any plans to list a small shareholding in FanDuel."
