Last month, Flutter said the listing would support its wider growth plans in the country, as well as drive further growth within its FanDuel business.
Though specific details of the listing have not yet been disclosed, Flutter said the initiative would strengthen its profile in the US, better enable the recruitment and retention of talent in the country and grant access to deeper capital markets and US domestic investor.
Other potential benefits sounded out by Flutter included greater overall liquidity in Flutter shares and the optionality to pursue, as a second step, a primary US listing, listed as one of the criteria for access to important US indices.
Following consultation with shareholders representing a significant majority of its issued share capital, Flutter said there was strong support. The group will put a formal resolution to shareholders at its AGM on 27 April.
In order to pass, the resolution would require approval from at least 75% of the votes cast by shareholders. Should this be the case, Flutter would aim to implement the additional listing during Q4.
The announcement comes after Flutter earlier this month reported a 27% year-on-year rise in revenue during its 2022 financial year, primarily due to ongoing growth within the US and its acquisitions of Sisal and Tombola.
The operator said its US-facing FanDuel brand continued to increase its market share, with this reaching 50% in the online sportsbook segment in Q4 and 21% for igaming, with the US business expected to be earnings-positive in 2023 before interest, tax, depreciation and amortisation (EBITDA).
“We have an unparalleled number one position in the US where we continue to go from strength to strength,” Flutter chief executive Peter Jackson said. “The combined power of the ‘FanDuel Advantage’ and the ‘Flutter Edge’ delivered our most successful launches to date in Maryland and Ohio.”
Also this month, US Securities and Exchange Commission (SEC) ordered Flutter to pay a $4.0m civil penalty over The Stars Group’s use of third-party consultants in Russia.
Flutter acquired The Stars Group, operator of a number of brands such as PokerStars and Full Tilt, in May of 2020, with the SEC order referring to a period between May 26, 2015 and May 15, 2020.