Flutter: Paddy Power and Betfair owner to list in the US after reaching profitability
Flutter Entertainment, owner of betting giants including Betfair and Paddy Power, is preparing to list in the US as early as this year.
The firm made the announcement as US and UK punters help drive its revenue up 38 per cent for the first half of 2023.
Shares dropped over 3.5 per cent when the market opened.
Commenting on the gambling giant’s trading update this morning, boss Peter Jackson, said it is a “pivotal moment” for the company as the US businesses reached profitability.
“We look forward to adding a US listing for Flutter shares later this year or early next year,” he went on to say.
The group increased their revenue by 38 per cent year on year in the six months to 30 June, up to £3.39bn.
This was largely driven by the US, with a 28 per cent year on year revenue growth, and Flutter’s other core market of UK & I, with revenue up 13 per cent from the same period in 2022.
In the UK & I there was “strong online momentum” as sports customers lining up to try Flutter’s gaming proposition hit record levels.
“In the UK, we took market share due to ongoing product enhancements,” Jackson explained.
Sisal, Flutter’s fantasy gaming app and the leading gaming operator in Italy, has performed well since the group acquired it in August 2022. It helped offset Australian losses due to “more challenging COVID-related comparatives and a changing tax environment.”
“Our recreational player base increased to over 12 million monthly players, and importantly, more players than ever interacting with our safer gambling tools, aided by a £45m investment in our Play Well strategy in H1,” Jackson explained.
In the UK, the London-listed gambling company, along with its competitors, will be subject to tighter regulations, including a statutory levy and stricter checks on losses, the government announced in April in its gambling white paper.