Flutter Entertainment considers listing FanDuel shares

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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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