Dublin-based gaming company, Flutter Entertainment, is asking its shareholders to vote on a primary listing switch from London to New York in order to attract more U.S. investors.
Shareholder Vote
On May 1st, Flutter investors will be tasked with voting on the company’s primary stock listing from the London Stock Exchange to the New York Stock Exchange. The company bought FanDuel in 2018 and since that time has seen it soar to the top of the U.S. mobile gaming charts controlling 43% of the market compared to DraftKings’ 36%.
Flutter currently has a secondary listing on the NYSE with common shares only being offered. Still, the powerhouse stable of sports gaming companies under its control, including Paddy Power, PokerStars, Sky Betting and Gaming, Sportsbet, Betfair, as well as FanDuel would certainly attract investors who are prone to buying into a piece of the mobile and retail gaming market.
Investor’s Language
Flutter CEO, Peter Jackson, remarked in an interview back in January about the anticipated shift from London to New York saying, “When I look at the volumes of trading that I see in the States, it’s significantly higher than we see on a European exchange. With those higher volumes you’ll see investors being able to take bigger positions in a US business.”
In March, Jackson said, “We have FanDuel, and we want to make sure that our customers are able to buy shares in the company that owns their favorite entertainment provider.”
“Once they (investors) see some reporting in US GAAP, these are the codes and the language they understand. We hope that will facilitate new investors into Flutter,” Jackson said.
FanDuel Donates to GOP
The $2500 that FanDuel donated in December to a Republican-leaning Super PAC called the Buckeye Freedom Fund is minuscule in relation to the hundreds of millions of dollars that pour into political action committees on both sides of the aisle. However, it does merit some attention, as it is the only political donation from the online gaming giant and could be a bellwether as to who the corporate brass believes will win the general election in November.
“Contributions to political action committees are a customary practice in the US,” said a spokesperson for FanDuel. “FanDuel donates to both Democrat and Republican groups in line with the current laws, public disclosure policies, and regulations governing political donations,” they added. “FanDuel does not support any specific party or candidates for public office at the local, state or Federal level.”
FanDuel Takes the Bet
However, that last statement contrasts the report by the Federal Election Commission, which reveals this is the first political donation to a federally registered committee that FanDuel has made.
It was recently reported that Washington DC’s Office of Lottery and Gaming (OLG) announced that FanDuel will replace the incumbent GambetDC as the District’s sole sports betting provider. The online sports betting platform has been nothing short of a disaster and many are wondering why it wasn’t replaced sooner.
“FanDuel’s industry-leading offering will ensure that the District maximizes tax revenue under its existing contracts this year while delivering a best-in-class experience,” OLG Executive Director Frank Suarez said in a statement.
