FanDuel’s parent company, Flutter Entertainment plc, is on track to commence with a U.S. listing by the end of 2023 after the company gained overwhelming support from shareholders this week.
Flutter, one of the world's largest gambling companies, received approval from approximately 99% of voting shareholders at Thursday's annual general meeting. The U.K.-headquartered company needed to gain approval from at least 75% of votes cast in order to go public in the U.S.
Flutter announced in February that it would begin consulting with shareholders on a secondary listing in the U.S. At the time, Flutter noted that the listing would provide numerous long-term benefits in giving the company access to deeper capital markets abroad, as well as new U.S. domestic investors. In addition, the company believes the move will help enhance the recruitment and retention of workers in the U.S. and result in greater liquidity in Flutter shares. (Market liquidity typically refers to the ease at which a stock can be bought or sold.)
“About 99 per cent of Flutter shareholders backed the US listing at the Dublin-based group's annual meeting after a two month-long consultation.”