Flutter Entertainment considers listing FanDuel shares
Flutter Entertainment, owner of Paddy Power, Betfair, Sky Bet and PokerStars, is considering taking its US sports betting business FanDuel public.
It wants to list a small number of shares and is giving this idea serious consideration. According to reports, Flutter investors are unpleased with the company undervaluing FanDuel.
Investors feel Flutter is trading FanDuel at a discount compared to US rival DraftKings. In 2020, DraftKings earned $644m in revenue, while FanDuel generated $967m.
Today, Flutter sent out an announcement in response to press speculation about angry investors. It made it clear a final decision hadn’t been made as of yet.
The company said: “Flutter regularly evaluates its organisational and capital structure to assess how best to position itself to deliver upon the group’s strategy.
“Options including the listing in the US of a small shareholding in FanDuel are being considered but no decision has been made at this time. Should a decision be made to proceed with a listing in due course, an announcement will be made as appropriate.”
Flutter invested in FanDuel only three years ago. Last year in December, it spent £3.2 billion on FanDuel, which increased its stake from 57.8% to 95%.
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