The company will continue to be headquartered in Ireland.įlutter also announced that the Australian executive John Bryant would succeed McGann as chairman.īryant, the former CEO of Kellogg Company, is based in the US and is a board member at Coca Cola European Partners and Macys. The vote took place at Thursday’s meeting and was supported by 99.9% of shareholders.įollowing approval, Flutter will look to list on either the New York Stock Exchange or NASDAQ exchange sometime towards the end of the year. įlutter Entertainment, which also operates Sky Bet, announced that it would seek a US listing in February and hold a shareholder vote on the move. Speaking to reporters, chairman Gerry McGann said that the group wants to trade on the New York, London, and Dublin markets but could not guarantee that trading would continue on the latter.įor all the latest news straight to your inbox, sign up for our FREE newsletters here. The comments came following the company’s annual general meeting in Dublin on Thursday, where shareholders voted in favor of a US listing. Jackson said that if Flutter goes ahead with a listing there, “it would be very unlikely that we would then proceed with the IPO of a small stake in FanDuel,” which it had previously considered.The chairman of Flutter Entertainment, the Irish gambling giant behind FanDuel and Paddy Power, said that the company cannot guarantee that it will continue to trade on the Irish Stock Exchange after it lists in New York. It added 2 million new monthly customers in 2022, fueled by acquisitions and as more US states legalize sports betting.Įarly shareholder feedback has been “supportive” about a potential secondary stock listing in the US, according to the statement. The division has 50% market share in online sports betting and is on track to become profitable this year, according to the statement. The company said its business there faced a challenging environment due to falling engagement post-pandemic and more competition.įlutter’s overall revenues jumped 27%, driven by a 67% surge in sales at US unit FanDuel. Results in Australia were “softer than expected,” Goodbody analyst David Brohan wrote in a note to clients. “It was compounded when the Premier League came back and we saw a flurry of the favorites winning, so that cost us a lot of money at the back end of last year.” “Whilst the World Cup final was a real spectacle to watch, and very entertaining, I was watching it through my fingers, because it was a very expensive event for us, with goal scoring and Argentina winning,” he said. The business took a £40 million hit in December from “customer-friendly results” in the English Premier League and FIFA football World Cup, Chief Executive Officer Peter Jackson told reporters. Gaming firms have benefited from a constellation of lucrative sporting events and a surge in online gambling last year, with peers Entain Plc’s and DraftKings Inc.’s most recent financial reports beating analysts’ estimates. in London.įlutter’s miss came amid a boom in sports betting. They traded down 3.7% to 12,990 pence at 8:50 a.m. Shares fell as much as 6.6%, the most in a year. (Bloomberg) - Flutter Entertainment Plc shares fell as much as 6.6% in London after the sports betting company missed 2022 earnings estimates due to customers’ winning wagers in December and competitive challenges in Australia.Īdjusted earnings before interest, taxes, depreciation and amortization rose to £1.05 billion ($1.3 billion), the Dublin-based company said in a statement Thursday, compared to the £1.07 billion average estimate from analysts in a Bloomberg survey.
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