Flutter to postpone FanDuel stock exchange launch until next year

Reports cite legal issues and disputes with Fox Corp.

In December 2020, Flutter Entertainment purchased a 95% majority of sportsbook platform FanDuel for a reported $4.2bn.  

Flutter suggested in March that the company aimed to place FanDuel on the Nasdaq to increase the sports betting platform’s profitability, a move Flutter suggested would make the value of the sportsbook surge to $18bn.  

However, The Telegraph suggests this decision will be delayed to next year due to ongoing legal disagreements despite Flutter CEO Peter Jackson denying such reports.  

The delay comes as Fox, who helped Flutter afford the $4.2bn purchase of FanDuel, claims it is owed a potential share of the sportsbook profits and rights, and the dispute is already being discussed by New York’s Judicial Arbitration and Mediation Services department, making going public very difficult. 

Gambling Compliance head of content Daniel Stone recently analyzed FanDuel’s position in the US sports betting market and concluded the company is the biggest sportsbook in the country. In addition, FanDuel is reported to have over 50% of the market share.  

Speaking on this, Stone said: “We estimate that FanDuel’s national online market share soared to around 50% in May, versus 36% in Q1 and 39% in 2020.” 

This data analyzed statistics from the states of New Hampshire, Illinois, Indiana, Michigan, Iowa, New Jersey, Pennsylvania, West Virginia and Tennessee. However, the sportsbook also operates in Virginia and Colorado, suggesting the market share could be larger. 

Henry Moore

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