Gaming giant Flutter lines up John Byrant for Chairman role
An announcement is expected from global gaming and entertainment group Flutter regarding the imminent appointment of John Byrant as the new Chairman.
The position has been occupied by Gary McGann since 2015.
Flutter Entertainment valued at around US $30 billion is listed on the FTSE 100. It is reported that the company will finalise an additional listing on the US Stock Exchange. Flutter may well leave a lasting impact on global gaming if its valuation exceeds US $45 billion after its listing in the US because it will outrank Las Vegas Sands as the “most valued gambling global enterprise”.
One of its brands FanDuel has achieved a significant share in the US market and has been named as the “outright market leader in US sports betting”. In 2022, FanDuel became Flutter’s largest revenue-generating business, in which it amassed gross gaming revenue (GGR) of US $2.8 billion which is 34 percent of the group total. Despite the large revenues, EBITDA losses stood at US $358 million – an unprofitable result that Flutter will need to reverse very quickly.
The US listing will boost the company’s presence on a global level and make a positive impact with its investors and clients. The US listing would also give the company better access to capital markets and increase its exposure to US investments. Ultimately this would bring Flutter more flexibility with its assets and investments and facilitate much better liquidity within its investment portfolio. At this point it also seems likely that the US may well become a primary listing for Flutter.
Proven expert in leading US corporates
The strategic engagement of a new Chairman with the pedigree that John Byrant brings to the table will contribute to the success of the US listing. It is believed that talks with John Byrant about the new role are at an advanced stage report reliable sources.
Byrant is globally recognised name in the corporate world as a proven expert at the helm of US based companies.
Speculation is also rife that his appointment may eventually see Flutter abandoning its presence on the London stock market in favour of a primary listing in the US markets. Considering Bryant’s previous experience, it leaves no doubt that he will drive the process of expanding Flutter’s presence in the US.
Kellogg, Macy’s, Coca Cola and Flutter?
Australian-born John Bryant is former President and Chief Executive Officer of Kellogg. He took up the position in 2011. A chartered accountant by profession, he retired from the company in 2017. Byrant received an MBA from Wharton and serves on the board of a number of top tier companies that include Macy’s, Coca Cola and Compass Group.
Later this month, Flutter will hold its annual investor meeting where shareholders will be invited to vote for the company’s proposal for a US listing. Reports indicate that shareholders have expressed “positive feedback” to to listing on the US stock exchange before year-end 2023.
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