DUBLIN (Reuters) – Promotional group Flutter Entertainment, owner of Paddy Power, Betfair and PokerStars, said on Saturday that they are considering listing a small portion of FanDuel’s U.S. business.
Flutter, the world’s largest online betting agency, has identified the United States as its next major growth market after lifting a ban on sports betting in 2018. In December it increased interest in FanDuel to 95% in a $ 4.2 billion deal
The Irish company said it was making the information in response to media speculation about FanDuel’s original public offering. CNBC reported Friday that Flutter was considering taking over the industry.
“Options including listing in the U.S. of a small share in FanDuel are being considered but no decision has been made at this time,” Flutter said in a statement.
Flutter, which merged its US business with FanDuel in 2018, bought a 37.2% stake from Fastball in its December deal.
That left the door open for further involvement with US-based FOX Sports, which was owned by Fox Corporation, giving it the option in July to buy 18.5% of FanDuel in addition to the existing 2.5% stake. currently.
Flutter, which maintains a 40% share of the U.S. market, said earlier this month that it expects more than 14 billion pounds ($ 19.49 billion) worth of business to be up for grabs by 2025 as more states than previously opened up.
In February they said U.S. revenues were higher than the two closest competitors combined, including the biggest competitor DraftKings Inc.
Reciting with Conor Humphries; Edited by Angus MacSwan and Mike Harrison