One of the reasons behind the considerations is the importance of FanDuel to the brand, which now generates more revenue than any other for Flutter. Furthermore, the Board believes the decision to list will add further benefits to the long-term strategy of the company.
The Board lists the reasons as: ‘enhancing the group’s profile in the US; better enabling the recruitment and retention of US talent; giving the group access to much deeper capital markets, and to new US domestic investors; providing greater overall liquidity in Flutter shares; and the optionality to pursue, as a second step, a primary US listing – one of the criteria for access to important US indices.’
However, despite the thinking, the Board will still have to consult the shareholders – which it says it intends to do ‘extensively’ and ‘immediately.’
Flutter also stated that ‘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.’