UK betting group Flutter considers US listing

Flutter is considering an additional US listing as the UK betting group seeks to harness the growth potential of the American gambling market.

The FTSE 100-listed Paddy Power owner said its board had reached the view that “an additional US listing of Flutter’s ordinary shares will yield a number of long-term strategic and capital market benefits”.

The group said it intends to start a consultation with shareholders on the matter “immediately”. Any agreement on the move will take precedence over plans to list a stake of its American branch FanDuel.

A New York listing would enable Flutter to recruit American workers, gain access to domestic US investors and give the group greater liquidity in its shares, it said. It would also give the company the option to pursue a primary US listing later.

FanDuel, Flutter’s US business in sports betting and online casinos that is becoming its largest unit by revenue, turned profitable last year.

Revenue at Flutter’s UK businesses took a hit in the first half of last year after the UK tightened gambling regulations.