PDYPY - Flutter considers listing shares in the U.S. with FanDuel business booming

Flutter Entertainment ( OTCPK:PDYPY ) is reported to be considering a listing in the U.S. The proposal could be put  to a shareholder vote in April with 75% approval needed to advance the plan.

The Dublin-based company operates the Betfair, Sky Bet, Paddy Power and FanDuel betting brands among others. A spokesperson said an additional U.S. listing of Flutter’s ordinary shares will yield a number of long-term strategic and capital market benefits.

Of note, the U.S. is the largest market for Flutter with the FanDuel business taking off in new states with sports betting legalized.

Jefferies analyst David Katz said a Flutter listing in the U.S. and sees a premium valuation for the betting stock. Notably, FanDuel ranks first in Jefferies' Digital Gaming Brand Matrix of sports betting and iGaming brands in the U.S. Flutter Entertainment ( OTCPK:PDYPY ) is also one of the firm's top global gaming picks.

Background: At an investor meeting last November, FanDuel said it could see revenue rising by 450% to 500%. CEO Amy Howe forecast the segment could reach $15B in annual revenue as more states legalize gambling and the online gaming market matures. She also said the FanDuel business plans to be profitable on an annual basis in 2023

Shares of Flutter Entertainment traded 1.85% in London trading on Tuesday. A listing in the U.S. for Flutter could have some implications for DraftKings ( DKNG ).

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