Former Kellogg CEO John Bryant May Be Flutter’s New Chairman

By Todd Winkler,
Editor at online-gambling.com

Todd Winkler Editor at online-gambling.com

Todd Winkler is another one of our highly professional editors at online-gambling.com. The expert has been part of our team for 6 years, during which time he contributed articles regarding poker, blackjack, and DFS. Winkler is also knowledgeable about New Zealand's legal gambling market.

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Last updated: April 24, 2023

The history of the prospective chairman for Flutter Entertainment (OTC: PDYPY), a gaming firm, may be a sign that the company will move through with ambitions to float its shares in the United States. The parent firm of FanDuel appears to be in discussions with John Bryant about taking over as chairman for Gary McGann. According to Sky News, McGann’s designation as an independent director will expire at the end of this year in accordance with UK corporate governance guidelines because he has been a member of the Flutter board for close to nine years.

Bryant, a former CEO of the giant consumer goods company Kellogg, is a citizen of both the United States and Australia. He now serves on the boards of Macy’s Inc., a company that is publicly traded in New York, Ball Corporation, and Coca-Cola Europacific Partners Plc. The gambling business indicated in February that it is exploring listing its stock in the United States, and this history may fuel suspicions that Flutter may do so in the future.

Bryant lacks gaming industry expertise, according to his LinkedIn page. He holds diplomas from the Wharton School and the Australian National University, as well as a cybersecurity certificate from Harvard Extension School.

Whether Flutter could select Bryant or another person as its new chairman is not mentioned in the Sky News piece. The Paddy Power owner’s annual investor meeting is later this month; this may be the perfect opportunity for a chairman announcement.

75% Shareholder Vote on U.S. Listing Plan to Take Place at Annual Meeting

It’s interesting to note that at the same meeting, shareholders will vote on the plan to float Flutter shares on the Nasdaq or New York Stock Exchange. (NYSE). For the sportsbook operator to move forward with the US listing, 75% of investors must vote in favour of the resolution, either in person or by proxy.

Analysts predict that if this happens, Flutter shares will start trading in New York before the end of the year. The initiative has obvious momentum since the business recently disclosed that it had favourable conversations with a number of big investors about the proposal.

Market watchers predict that Flutter’s listing in the US would erase the conglomerate discount that is now dragging down the stock and put the business in a position to postpone or abandon its intentions to sell a piece of FanDuel to the general public.

Listing in the U.S. Could Boost Flutter’s Market Value

Despite the fact that Flutter, which also runs Pokerstars, has a sizable gambling industry in Australia and Europe, the company’s 95% ownership of FanDuel makes the New York listing conceivable.

With more market share than its two closest rivals combined, FanDuel is by far the biggest online sportsbook in the US. FanDuel has the biggest market share in almost every state where it provides mobile sports betting.

For similar practical reasons, Flutter is thinking about going public in the US. These include extending the company’s investor base among professionals and retail market participants and improving the company’s access to money.