FanDuel Parent Flutter, Eyes US IPO After Super Bowl Success

  • FanDuel parent Flutter Entertainment PLC PDYPF PDYPY harbored listing ambitions in the U.S. after a record Super Bowl for betting, CNBC reports.
  • Flutter's board consulted shareholders to gauge their interest.
  • FanDuel said it accepted 50,000 bets per minute at its peak, averaging 2 million active users during the game.
  • Also Read: PDD Targets US Online Market With Costly Super Bowl Ad
  • FanDuel is on track for full-year profitability in 2023. It is based in Ireland, and its stock is traded in Europe. 
  • Jefferies analysts said it would command a premium "as market leader in the larger global online gambling market."
  • Flutter said an additional listing in the U.S. would elevate its brand and help the company attract and retain talent. Flutter said a listing would provide liquidity and access to deeper capital markets.
  • "FanDuel would be the Apple of our industry," Jeffrey Kamys, chief investment strategist for the iBet ETF. "It would be our top holding if they went public."
  • Flutter puts the total addressable market in the U.S. at over $40 billion by 2030, three times bigger than the rest of the world, according to Jefferies.
  • Jefferies analyst David Katz told CNBC that he predicts a lift for all sports betting stocks if Flutter moves forward as an expression of confidence in the industry.
  • Price Action: PDYPF shares closed higher by 3.72% at $158.16 on Tuesday.
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