![]() ![]() Squeezed consumers and cooler energy markets are behind the FTSE's major out- and underperformers.Ĭhinese stock markets fell again, while US investors continue to grapple with Elon Musk's tweet a. Equity Strategy Monthly: British Stocks' First Half in Review.Sports betting is being legalised in many US states for the first time following a Supreme Court ruling in 2018, allowing bookmakers to tap into the lucrative market there.įlutter shares closed 1.4% lower at 11,290.00 pence each in London on Wednesday.īy Eric Cunha 2022 Alliance News Limited. The business has transformed the Flutter Group, performing better than we could have hoped and growing tenfold since was repealed in 2018." "This growth potential would imply significant levels of long-term profitability, transforming the Flutter group," the company said.Ĭhief Executive Peter Jackson added: "The US market represents the single biggest opportunity in our sector today and we are proud to own FanDuel, the premier asset within this market. "We are confident in a path to a 2030 total addressable market of more than USD40 billion in gross gaming revenue which represents growth of 4.5 times the size of the market today."įlutter said "mature" earnings before interest, tax, depreciation and amortisation margins in its US arm are expected to be similar to the 25% to 30% seen in the company's existing divisions. "This leading position is underpinned by a range of sustainable competitive advantages, alongside access to unique benefits enabled by the Flutter group," the gambling firm said. The Paddy Power owner said FanDuel is the "number one" sports betting operator in the US, with a 42% share of the online market. During the meeting, shareholders are likely to vote for the company’s proposal for a US listing but an announcement about the new chairman isn’t impossible.(Alliance News) - Flutter Entertainment PLC talked up the strength of its US business at an investor day on Wednesday, as FanDuel continues to gain traction. Later this month, Flutter will hold its annual investor meeting. At the same time, the company hasn’t yet revealed whether or not its US listing will impact its UK listing. Still, it’s important to mention that Flutter is yet to officially confirm who its new chairman may be. and Ball Corporation, currently trade in the US. ![]() What makes his appointment even more plausible is that two of the companies where Bryant is part of the Board, Macy’s Inc. What’s more, he is currently a part of the Board of multiple companies including Ball Corporation, Macy’s Inc, as well as Coca-Cola Europacific Partners. Bryant will likely play a key role in the process and that’s no surprise, considering his extensive experience in leading US businesses.īesides an Australian, Bryant also has American citizenship and spends a lot of his time in the US. If that happens, Flutter may consider abandoning its presence on the London stock market and strengthening its US-facing presence via a primary listing. Reportedly, that strategic hire may also impact the company’s UK listing. According to Sky News, the company is in “advanced talks” with John Bryant, a proven expert in leading US-based companies, to appoint him to the role of chairman. That strategic hire may also contribute to the plan for the US listing, announced by Flutter recently. Now, a new report suggests that the gambling company behind Paddy Power is in talks about hiring a new chairman. The Company Explores Opportunities for a New Chairman Such a listing would also mark an important first step for the company considering it decides the US to remain a primary listing. ![]() Flutter’s Board identified that a US listing, in addition to the one in the UK, would help boost the presence of the company in the US and positively impact the retention and recruitment of employees.Īdditionally, Flutter said that the US listing will give “the Group access to much deeper capital markets, and to new US domestic investors” and provide overall greater liquidity of its shares. ![]() That plan comes at a time when the company’s entertainment and sports betting brand, FanDuel, continues to hold a significant market share in the US. At the time, FTSE 100-listed company confirmed its plans for an additional listing of stocks in the United States. The global gaming and entertainment industry giant, Flutter Entertainment, confirmed recently that it identified the best strategy for delivering interest for its shareholders. ![]()
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