FanDuel Parent Flutter, Eyes US IPO After Super Bowl Success

FanDuel parent Flutter Entertainment PLC PDYPF PDYPY harbored listing ambitions in the U.S. after a record Super Bowl for betting, CNBC reports.
Flutter's board consulted shareholders to gauge their interest.
FanDuel said it accepted 50,000 bets per minute at its peak, averaging 2 million active users during the game.
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FanDuel is on track for full-year profitability in 2023. It is based in Ireland, and its stock is traded in Europe.
Jefferies analysts said it would command a premium "as market leader in the larger global online gambling market."
Flutter said an additional listing in the U.S. would elevate its brand and help the company attract and retain talent. Flutter said a listing would provide liquidity and access to deeper capital markets.
"FanDuel would be the Apple of our industry," Jeffrey Kamys, chief investment strategist for the iBet ETF. "It would be our top holding if they went public."
Flutter puts the total addressable market in the U.S. at over $40 billion by 2030, three times bigger than the rest of the world, according to Jefferies.
Jefferies analyst David Katz told CNBC that he predicts a lift for all sports betting stocks if Flutter moves forward as an expression of confidence in the industry.
Price Action: PDYPF shares closed higher by 3.72% at $158.16 on Tuesday.