Joe Brennan: Few market observers doubt that it will ultimately move its main listing from London to Wall Street via IrishTimesBiz
That’s in addition to the €150 million hit already taken as a result of its own pre-emptive customer protection measures in 2021 – including the introduction of a slot limit of £10/€10 per spin and a triple-step approach to customer affordability in the UK and Ireland – in efforts to “do the right thing”, get ahead of legislation and, of course, address concerns about the “S” part of its ESG credentials.
Flutter, led by chief executive Peter Jackson, moved within days of the May 2018 court ruling to take an initial stake in US fantasy sports website FanDuel and now owns 95 per cent of the largest player in the industry. It will see the business overtake the UK and Ireland division, currently the group’s largest, which is on track to only see its earnings edge up less than 2 per cent over the period, by Thomas’s calculations, to just more than £700 million .
While analysts have highlighted concerns about punters easing off on gambling spend in the group’s legacy markets, including the UK and parts of Europe, at some stage this year amid the ongoing cost-of-living crisis, Citigroup’s Monique Pollard reckons the fact that the US online gambling market is in a structural growth phase more than offsets concerns about the uncertain economic backdrop in that market.
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