Rupert Murdoch-backed FanDuel mulls New York listing
Flutter could float part of FanDuel in New York as investors grow impatient over its disappointing stock market performance
15 March 2021 • 10:41am
Flutter Entertainment may float a “small shareholding” in the American fantasy sports and online betting firm after spending $4.5bn (£3.2bn) last December increasing its stake from 57.8pc to 95pc.
The Paddy Power and Betfair owner revealed the intent in response to a CNBC report that investors were agitating for a spin-off of the American business because Flutter’s share prices trails its rival DraftKings.
Such a move comes as UK gambling firms capitalise on the boom in sports betting in America following the liberalisation of the industry across the states.
The casino world went through some rather large changes in 2020 – how have the first few weeks of 2021 panned out? And what can we safely predict about the rest of the year ahead? Let’s take a look at 3 scenarios which have a high chance of panning out in 2021.
More and more countries will go down the licencing route
The past year has seen several major jurisdictions insist on online casinos registering for a licence if they wish to sell to local residents. Apart from a dozen states of the US, local licencing requirements now exist in Germany, Sweden, Spain, Italy and Czechia. The Netherlands and Canada look set to follow suit in 2021, meaning that online casinos need to follow regulations and pay tax in more and more countries of the world. On one hand, the casinos benefit from possessing a local licence – as this allows them to advertise on social networks, TV, and on paid search. On the other hand, some of the required regulations are extremely onerous. For example, German
Flutter to challenge $870m US court ruling over online poker games Paddy Power owner indicates it is likely to appeal ruling by court in Kentucky
Thu, Dec 17, 2020, 21:09
Paddy Power owner Flutter Entertainment is likely to appeal an $870 million (€710 million) ruling against it by a US court that took the Irish group by surprise on Thursday.
In 2018, part of the Stars Group, which merged with Flutter earlier this year, successfully challenged a $290 million ruling against that business by a Kentucky court, stemming from online poker games that it hosted between 2006 and 2011.
However, the Kentucky supreme court on Thursday reinstated the original 2015 ruling against the Stars Group, which is now part of Flutter, upping the damages to $870 million plus 12 per cent compound interest per year.