Flutter to reach formal resolution on further US listing

March 27, 2023
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The operator will consider an additional listing at its April AGM, with a view to achieving significant US market growth.

Flutter Entertainment announced a shareholders’ meeting on February 14 2023, where the operator would vote on whether an additional US listing of the Group's ordinary shares will be added to the New York Stock Exchange.

The Board and shareholders are now pleased to make a further announcement regarding an upcoming formal resolution. A proposal will be presented at the upcoming April 2023 Flutter AGM, after receiving support from shareholders representing a significant majority of Flutter's issued share capital.

Flutter’s posted 2022 Preliminary Results cited “exceptional US performance” with an outlook stating the company experienced “continued strong growth across existing states and from the very successful launches in Maryland and Ohio.”

Peter Jackson, CEO of Flutter, commented in those results, posted March 2, “We recently announced that we believe an additional US listing of Flutter's ordinary shares will yield a number of long-term strategic and capital market benefits. We have begun an extensive consultation with our shareholders and early feedback has been supportive.”

Flutter also signed a deal earlier this month to extend a multi-year partnership with PA Betting Services until 2028. Though Flutter has previously been known as the owner of UK brands, such as Betfair and Paddy Power, Flutter’s US arm, FanDuel, added 1.2 million customers in the first two months of this year.

The resolution includes a number of changes to Flutter's articles of association needed to facilitate the additional US listing. The resolution requires a 75% approval vote from Flutter shareholders, cast either in person or by proxy. If the resolution is approved by shareholders at the Flutter AGM, the company will aim to implement the additional US listing during Q4 2023.

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