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Flutter Considers U.S. its ‘Natural Home’

Flutter Considers U.S. its ‘Natural Home’

Dublin-based Flutter Entertainment, which owns Paddy Power, an international sports betting company, is moving its base to the U.S. and will soon also move its primary listing to the New York Stock Exchange, recognizing the huge growing potential of the American market, the Daily Telegraph reported.

In the past five years, Flutter’s FanDuel has grown to become one of the top sports betting companies in the U.S., beating established gaming brands such as BetMGM, Caesars Sportsbook, and DraftKings. At the same time, the U.S. market is the fastest growing in the world.

Earlier this year, Flutter CEO Peter Jackson called the U.S. the company’s “natural home.” This is in response to the market’s explosive growth since the 2018 decision by the U.S. Supreme Court that the federal law banning sports betting was unconstitutional.

This opened the floodgates, as more than 30 states now allow legal sports betting.

U.S. operations generated $4.5 billion last year, compared to $3 billion in the U.K. and Irish market. It accounts for 38 percent of the company’s profits. One reason the company wants to move to the NYSE by the end of this year is the hope of being included in the S&P 500.

The news that Flutter wants to move its primary share listing became known about two months after the company debuted on the NYSE January 29. The question will be put to shareholders at their annual meeting in May. Flutter is the second largest gaming company on the exchange, after Las Vegas Sands.

FanDuel had an existing large, enthusiastic base in place and had already acquired celebrity endorsements from Snoop Dogg and Floyd Mayweather.

Unlike many European markets, the U.S. hasn’t tamped down on sportsbook advertising, and it often crowds out other products during televised sports events.

According to the American Gaming Association, the U.S. sports betting market in 2023 was worth $120 billion, a 27.5 percent increase over the year before. That is about $10 billion in revenue for American sportsbook companies.

Recently, Flutter told investors that it anticipates the market for sports betting and iGaming to grow to $40 billion by 2030.

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