You might be able to risk some money on Flutter Entertainment products in the United States in a completely different way in the near future. The online gambling company could be part of a new public offering in the US.
While most people who gamble online in the US won’t recognize the Flutter name, they will recognize the brands the company operates in the country. That’s a big part of why Flutter shareholders expressed overwhelming support for an IPO plan.
Flutter US IPO vote receives near-unanimous support
Flutter is a publicly traded company. The stock of the Dublin-based company is simply not currently available in the US. Shares of the company are only available on the London Stock Exchange right now.
On Thursday, people who hold that stock gave a mandate-level vote to a US IPO proposal. Released by the London Stock Exchange, it was noted that shareholders approved the resolution by a 99.99% to 0.1% margin. After shareholders expressed that overwhelming support, Flutter leadership was not shy about building on the momentum.
Later Thursday, Flutter Chairman Gary McGann shared with RTÉ that Flutter is targeting the end of 2023 for stock to actually be available for trading on Nasdaq or the New York Stock Exchange. However, there are no guarantees that will be the case.
If Flutter follows through on the plan, its shares could be one of the most anticipated stock listings in the history of the US gambling industry.
FanDuel provides Flutter IPO appeal
Flutter is the parent company of several online gambling brands in the US. Those include FoxBet, PokerStars, and TVG. None of those has the brand power of FanDuel in the US, however. While FanDuel Casino is still working on becoming a market leader in that segment, FanDuel’s fantasy sports and sportsbook products dominate in multiple US markets within those niches.
Flutter has flirted with spinning off FanDuel and creating a US listing for it separately because of that popularity. However, Thursday’s vote suggests that probably won’t be the path forward now. The more likely result is a US listing for the entirety of Flutter.
If Flutter US stock does become available, that would mean almost all of the current US online sports betting market leaders will be available for public investment. DraftKings listed its own IPO on Nasdaq in April 2020. Caesars stock has been available since 2014.
BetMGM is privately held. However, MGM Resorts International is available on the NYSE and that company owns half of BetMGM. The other co-owner, Entain, is not available on any US market. Like Flutter, its shares are traded in London.
As Flutter continues to devote resources toward its US brands and more states provide legal avenues for their new online casinos, Flutter stock could be an attractive play for those who gamble on stocks instead of casino games. Current Flutter shareholders are betting on that appeal.