""US Sports"" – Google News
Paddy Power’s Fladdy is considering outsourcing its Fan Duel brand to capitalize on the growing US sports betting market.
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Over the weekend, the FTSE 100 company confirmed that it intends to list part of the brand on a US stock exchange.
After Flutter first invested in Fan Duel in 2018, he now owns 95 percent of the brand.
In a statement, the company said, “Flutter regularly evaluates its organizational and capital structure to assess how best to position itself to execute the Group’s strategy.
“Options, including listing a small stake in FanDuel in the US, are being considered, but no decision has been made at this point. If a decision is made in due course to proceed with a listing, this may be announced. “
The decision to split it up into a single company is made as the US increasingly opens up to sports betting.
This year, 19 states, including New York and Texas, will vote on whether to legalize mobile sports betting.
British firms quickly took advantage of the growing new market. Competitors like Entain thanked US company BetMGM for its rapid growth over the past year.
Flutter says it is the US leader in sports betting with a 40 percent market share last year.
“Our US sales currently exceed the next two closest competitors combined,” Flutter said last week.
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The Times reported that the entire market could be worth up to £ 20 billion in five years.