FanDuel owner Flutter Entertainment has gained shareholder approval to add a secondary stock listing in the United States.
The resolution passed with a 99.99% positive vote at the Dublin-based company’s annual general meeting.
Flutter Entertainment, formerly known as Paddy Power Betfair, has its main listing on the London Stock Exchange.
However, it has long explored a secondary listing in New York, as the US market is becoming increasingly important to the business. Along with FanDuel, Flutter Entertainment also owns PokerStars, TVG and FOX Bet.
The listing is expected to take place at some point in the final quarter of 2023, which will make it easier for US investors to purchase stock in the company.
It could prove popular, as FanDuel is the No. 1 online gambling brand in America and the market leading sportsbook by a wide margin.
“The next steps are we have the hard work to do to actually get US style reporting, which takes a lot of effort in terms of current and previous years’ numbers,” said outgoing chairman Gary McGann in an RTE interview.
“The probability is that will take us close to the year end, at which point in time we should be in a position, having gone through the SEC process, to be listed on the US stock exchange.”
The AGM also confirmed that John Bryant will take over from McGann as chairman on September 1 this year. Bryant, the former CEO of Kellogg, is currently a non-executive director of Coca-Cola Europacific Partners, Ball Corporation and Macy’s.