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Flutter Entertainment has said it will consult shareholders on a plan to additionally list its shares on US exchanges, with a possibility of later making a US exchange its primary listing.
The news comes as Flutter acknowledges that its FanDuel holdings are becoming its largest business by revenue and a bigger percentage of its total corporate value.
If it went ahead with such a plan, “this would take precedence over any plans to list a small shareholding in FanDuel”, the company said today (February 14).
An eventual loss of the £22.1bn market cap company would be a blow to UK markets, where it is a member of the FTSE 100 cohort of the biggest listed British companies.
Flutter’s board said it has reached a preliminary view that the additional listing would improve its profile in the US, enhance recruitment and retention of US staff, enable it to reach deeper sources of capital and give greater liquidity to its shares.
“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 company said.
The consultation will start immediately, Flutter said.
In November, Flutter said FanDuel had a 42 percent share of the US sports-betting market and that it expected revenue to rise by up to five times over the next few years.
Following the announcement of a potential US listing, Flutter's share price climbed slightly, by just over one percent, during early trading on the London Stock Exchange on Tuesday (February 14) morning.
