Flutter, which is well-known for being one of the juggernauts in the online gambling industry, is preparing to appoint a new chair who can possibly ease the company’s integration into the US stock exchange. According to recent news, the US-based businessman John Bryant is in negotiations about taking the role of Flutter’s new chairman.
While Flutter did not comment on the possible hiring of Mr Bryant, the background of the potential new chair of the company signals that Flutter is possibly looking for a way to strengthen its US presence. Later this month, Flutter shareholders will vote on the proposal to list the company on the New York stock exchange and a US-based chair may be just what the betting entity needs to make its US listing smoother.
Flutter Considers US Listing as FanDuel Contributes to Major Revenue Increase
According to Sky News, the owner of betting brands like Sky Bet and Paddy Power is in serious talks with Mr Bryant to appoint him as the new chair of Flutter. Sources close to the case have confirmed that Bryant’s appointment is almost complete, but the process still has not reached its final stage.
It is still unclear whether there were other candidates for the position, with no official statements confirming Bryant’s potential appointment either. That being said, hiring a US businessman as the company’s chair seemed like a proper move considering Flutter’s statement from February when it became clear that the betting company would look for new opportunities for a US listing of its stock as this was of great importance for FanDuel, which is one of Flutter’s subsidiaries.
Earlier this year, for its preliminary 2022 results, Flutter reported a 27% growth in revenue, roughly amounting to £7.3 billion. The average monthly players have increased by 26%, which was attributed to the company’s US expansion as well as the acquisition of Sisal and Tombola. With FanDuel showing a US market presence of 50%, it comes as no surprise that Flutter is considering a US listing and is looking for a way to strengthen its presence in the US market.
Bryant Perfect Chair Candidate for Flutter’s Future Expansion Plans
Even though Flutter is still silent about any potential discussion with Mr Bryant, many consider his possible appointment as the company’s new chair to be extremely suitable. Bryant has dual US-Australian citizenship and is currently holding the position of senior director of the board of Compass Group, an FTSE100-listed entity.
Later this month, Flutter will hold its annual shareholder meeting where the company’s stockholders will vote on the proposal for Flutter’s US listing. An investor suggested that during the scheduled meeting, it will be the right time for the betting company to reveal the new chairman of Flutter.
- Author
Olivia Cole
