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Earlier this year, Flutter’s Board of Directors revealed the group was in talks about listing the business on the New York Stock Exchange. Following its Annual General Meeting, Flutter has now disclosed that it has won 99.99% investor backing to pursue a US listing.
The gaming company, which owns Paddy Power, Sky Bet, FanDuel and more, announced in February that it was seeking a US listing for its shares, and that it planned on asking its stakeholders to vote on the potential of a second listing on the Nasdaq or New York Stock Exchange (NYSE).
To do this, 75% of investors, either in person or via proxy, must have voted in favor of the resolution for the operator to proceed with the US listing; the vote went in favour.
Previously, Flutter’s primary listing was on the London Stock Exchange (LSE).
The company said it “anticipates the US-based operation becoming its largest business by revenue and an ever-greater proportion of its overall value.”
The company was seeking a US listing for its stock because of the growing importance of its brand FanDuel.
FanDuel has a 42% share of the US betting market; Flutter owns 95% of FanDuel, the other 5% is held by Las Vegas-based Boyd Gaming.
Alongside winning investor backing for its US listing, Flutter also appointed John Bryant as its new Non-Executive Director and Chair Designate.
Bryant is American with an extensive leadership background having previously worked as CEO, CFO, and COO of Kellogg Company, which should help the company solidify its US objectives.
