Flutter Entertainment has revealed it is considering and initial public offering (IPO) of its US-focused FanDuel sports betting and fantasy sports business.
The operator issued a statement today (15 March) in response to media reports that emerged over the weekend, suggesting it was looking into a spinoff and share sale of FanDuel from some investors.
Citing sources close to the discussions, CNBC reported that while a separation of FanDuel is not assured or imminent, Flutter has been considering spinning out FanDuel as a separately traded business to trade on a US exchange.
Flutter said commencing an IPO of FanDuel was one of a number of options that it had been looking at, but no decision has been made yet.
Ireland-based Flutter currently owns 95% of the total shares in FanDuel, having purchased an additional 37.2% of the business in December from Fastball.
“Flutter regularly evaluates its organisational and capital structure to assess how best to position itself to deliver upon the group’s strategy,” Flutter said.
“Options including the listing in the US of a small shareholding in FanDuel are being considered but no decision has been made at this time.
“Should a decision be made to proceed with a listing in due course, an announcement will be made as appropriate.”
Media giant Fox Corporation owns 2.5% of Flutter and has an option to buy an additional 18.5% stake in Flutter in July.