Betfair owner Flutter gambles on US market with plans to embark on secondary listing
Flutter, the UK betting group that owns Betfair and Paddy Power, is contemplating a secondary listing in the US to tap into the American gambling market.
The world’s largest online betting group plans to consult shareholders “extensively” on the matter and prioritise it over plans to list a stake in its US business, FanDuel, which generates the highest revenues of all Flutter’s companies.
Flutter believes this move will “yield a number of long-term strategic and capital market benefits” such as improving the company’s image in America and providing greater access to deeper capital markets and potential US investors.
The group hopes it will boost share liquidity while smoothing out the recruitment and retention of US employees.
Flutter, which also owns the PokerStars and Sky Bet brands, said it also provides an opportunity to chase after a primary US listing further down the line.
They have not specified when the results of the consultation, which is to commence “immediately”, will be announced.
Shares were up 1.6 per cent this morning.