Flutter to Put Forth Shares Listing to Shareholders at Annual General Meeting
![](https://mb.cision.com/Public/21505/3747144/b663fa2ea8fbd53b_800x800ar.jpg)
Flutter Entertainment are one of the leading brands within global sports betting, and they have a strong presence all around the world. This is not a surprise when you take a minute to think about the well-known brands that this group are responsible for. Flutter, for example, are the people behind Paddy Power, FanDuel, Betfair, and Sportsbet. In addition to this, they are active in multiple sports betting industries, from the UK to the USA and beyond.
As a result of all this, they are a major player in global gambling and sports betting. This makes the brand’s recent plans to propose additional US shares listings to investors, a big story. But what exactly are these proposals and what has made Flutter move in this direction?
Flutter shareholders set to be consulted at next AGM
The next annual general meeting for Flutter shareholders is penciled in for 27th April 2023, and it is expected that these latest proposals will be put to the vote there. This comes on the back of the operator recently announcing that it would be consulting with shareholders around the listing of more ordinary shares in the US market.
Further to this, the brand have now shared new plans to put a more formal plan to investors at the next AGM around US share listings. It is thought that these latest plans come after strong support was received from shareholders about the listing of more US shares.
In response to this, Mike Lukas, of online sports betting resource wsn.com, noted that “Flutter are a top brand within global gambling and a leading light in sports betting worldwide. It is, therefore, no surprise to see them making efforts to make additional share listings in a growing US market for betting on sports.”
What does this resolution need to be passed?
The formal resolution due to be presented to shareholders will see amendments to the brand’s articles of association if passed. This will allow the additional listing of US shares to be made, but the resolution will need a 75% majority to be successful.
Flutter seem confident of getting this majority, taking into account the support investors have given when told about the proposals. If the resolution is passed, the operator expects to make the listing by Q4 in 2023.
Why has Flutter decided to put forward US share listings at its next AGM?
As we have noted already, Flutter is a huge global sports betting and gambling brand with a presence in all the major markets worldwide. This is certainly true of the emerging US market for sports betting. Since the legalization of this activity by many states, the market has really taken off around the country. This saw US sports betting revenue hit $2.1 billion in 2021 and has led to projections of $10 billion in revenue by 2028.
It is the vibrant nature of America’s market for sports betting, and the positive outlook for the sector moving ahead, that likely lies behind Flutter’s latest plans. It is only natural that such a top operator would want to be even more active in a global betting market that still has plenty of growth within it.
Flutter planning to build on current US success
You also have to feel that the formal resolution being presented at the company's next AGM comes on the back of the success that they have already seen in the USA. This is in addition to Flutter’s 27% revenue jump in 2022, which saw them make an impressive $9.21 billion over the course of the year.
A large part of this success in 2022 was the firm’s US operations, which included a stunning 50% Q4 market share. With a strong presence in top states for gambling, such as Ohio and Maryland, it seems these latest plans look to build on their positive market position in the country.
Formal resolution for additional US share listings
With plans already announced of an extension to their deal with PA Betting Services until 2028, proposals for additional US share listings by Flutter Entertainment seem to signal they are in a great place right now.
With the size of the global sports betting market pegged at around $231 billion in 2022, it is no surprise that this is true. When you also consider the rapid growth of sports betting in the USA in recent years, and Flutter’s success in the country to date, it is also no surprise to see them targeting additional share listings in this market.