Flutter Entertainment, the parent company of popular online betting platforms such as Paddy Power and Betfair, has reportedly received backing from investors for its plan to list in the United States. The move is seen as a strategic step for the company to expand its presence in the lucrative US sports betting market.
According to reports, Flutter has been in talks with several US-based investors, including Fidelity Investments and Capital Research, to secure their support for the listing. The company is said to be planning to list its shares on the Nasdaq stock exchange, which would give it access to a wider pool of investors and potentially increase its valuation.
The US sports betting market has been growing rapidly in recent years, following the Supreme Court’s decision to strike down 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. This has created a huge opportunity for companies like Flutter, which already have a strong presence in the European sports betting market.
Flutter’s move to list in the US is also seen as a way to compete with other major players in the industry, such as DraftKings and FanDuel. These companies have already established themselves as leaders in the US sports betting market and have seen their valuations soar in recent years.
Investors are reportedly optimistic about Flutter’s prospects in the US market, given its strong track record in Europe and its experience in operating online betting platforms. The company has also made several strategic acquisitions in recent years, including its merger with The Stars Group last year, which has helped it expand its reach and diversify its offerings.
However, there are also some risks associated with Flutter’s US listing plan. The company will face stiff competition from established players in the market, and it will need to navigate a complex regulatory environment that varies from state to state. It will also need to invest heavily in marketing and customer acquisition to establish its brand in the US market.
Despite these challenges, investors seem to be bullish on Flutter’s prospects in the US market. The company’s strong financial performance and track record of success in Europe have given them confidence that it can replicate that success in the US. If Flutter can execute its US expansion plan successfully, it could become a major player in the global sports betting industry.
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- Source: Plato Data Intelligence: PlatoData