FanDuel Parent Company Gets Approval For US Stock Listing: What Investors Need To Know

Flutter Entertainment PDYPY received shareholder approval for a secondary U.S. listing Thursday. The company, which owns and operates a number of different brands in the gambling space, is headquartered in Dublin, Ireland. 

Flutter owns big-name brands such as FanDuel, Fox Bets, Pokerstars and more. Shareholders almost unanimously, 99%, approved the secondary listing, which will allow Flutter to list on either the New York Stock Exchange or the NASDAQ.

Eventually, the company could decide to switch its primary listing to the United States, according to the Financial Times. FanDuel is one of the largest gambling companies in the United States, rivaling names like DraftKings Inc DKNG and Penn Entertainment Inc PENN. 

Also Read: Can Aaron Rodgers Help New York Jets Break The Longest Playoff Drought? A Look At The Betting Odds For 2023 NFL Season

The gambling sector was one of many growth industries that got hit hard as the Federal Reserve started raising interest rates last year. But, throughout the last month or so, gambling stocks have been hot. Roundhill’s Sports Betting & iGaming ETF BETZ is up more than 8% in the past month. 

Price Action: Flutter’s stock traded down slightly Thursday, and was last trading around $99 a share. The stock has been on an incredible run, though, jumping from $66 a share in October 2022 to nearly $100 on Thursday. 

For more on the sports betting landscape and what could be next for popular betting segments and legislation, tune in to the Benzinga Sports Betting Titans virtual event on May 24.