Flutter considering spinoff for FanDuel brand
Gambling company Flutter said it was considering spinning off its FanDuel business to cash on the growing US sports betting market.
Responding to media speculation, the owner of Paddy Power and Betfair, said it “regularly evaluates its organisational and capital structure to assess how best to position itself to deliver upon the group’s strategy”.
“Flutter “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.”
The US is increasingly opening up to sports betting as 19 states, including New York and Texas, prepare this year to vote on legalising mobile sports betting.
Flutter now owns 95% of FanDuel after investing in the firm in 2018 with Fox Sports holding another 2.5% of the brand.