Flutter Entertainment, the parent company of popular online gambling brands such as Paddy Power and Betfair, has received approval from its shareholders to pursue a plan for a US stock listing. The decision was made at the company’s annual general meeting held on May 13th, 2021.

Flutter Entertainment is already listed on the London Stock Exchange and is a constituent of the FTSE 100 index. However, the company has been eyeing a US listing for some time now, as it seeks to expand its presence in the lucrative American sports betting market.

The US sports betting market has been growing rapidly since the Supreme Court overturned a federal ban on sports betting in 2018. Since then, several states have legalized sports betting, and more are expected to follow suit in the coming years. According to estimates, the US sports betting market could be worth up to $20 billion by 2025.

Flutter Entertainment has already made significant inroads into the US market through its acquisition of FanDuel in 2018. FanDuel is one of the leading online sports betting operators in the US, with a strong presence in several states, including New Jersey, Pennsylvania, and Michigan.

Flutter’s plan for a US stock listing is seen as a way to raise capital to fund further expansion in the US market. The company is also looking to capitalize on the growing interest in online gambling and sports betting among US investors.

The decision to pursue a US listing was not without controversy, however. Some shareholders expressed concerns about the potential risks associated with expanding into a new market and the impact it could have on Flutter’s existing operations.

In response, Flutter’s management team emphasized that the company had a solid track record of successful acquisitions and had already demonstrated its ability to operate in the US market through its ownership of FanDuel.

Flutter Entertainment’s CEO, Peter Jackson, said in a statement: “We are pleased to have received shareholder approval for our plan to pursue a US listing. This is an important step in our strategy to expand our presence in the US market and capitalize on the significant growth opportunities it offers.”

The exact timing of Flutter’s US listing is yet to be confirmed, but it is expected to take place in the coming months. The company has not yet announced which US stock exchange it plans to list on.

In conclusion, Flutter Entertainment’s plan for a US stock listing is a significant development for the company as it seeks to expand its presence in the lucrative US sports betting market. While there are risks associated with entering a new market, Flutter’s management team has demonstrated its ability to successfully operate in the US through its ownership of FanDuel. With the US sports betting market expected to continue growing in the coming years, Flutter’s decision to pursue a US listing could prove to be a shrewd move.