Flutter board member gets license to list company on NYSE
The Nevada Gaming Commission (NGC) granted a gaming license to Flutter Entertainment ( OTC:PDYPY ) board members last week. The company will list on the New York Stock Exchange (NYSE) on Monday.
Flutter Review Board Chair and Independent Director Holly Koeppel is licensed in Nevada. In 2021, she joined the board of directors of FanDuel's parent company and took over as chair of the audit committee the following year.
Holly served as a Senior Advisor to Corsair Capital LLC until April 2018, serving as Managing Partner and Co-Head of Infrastructure from 2015 until her retirement in 2017. According to the Irish gaming company’s investor relations website, “From 2010 to 2015, Holly served as partner and global co-head of Citi Infrastructure Investors, a division of Citigroup.”
Koeppel is also a non-executive director of AES Corporation, Arch Resources, Inc. and British American Tobacco.
Ideal Time for Koeppel Licensing
Flutter's recent delisting from Euronext Dublin resulted in the company being removed from the EUROSTOXX index in preparation for a listing on the New York Stock Exchange. The operator told investors it would maintain its listing on the London Stock Exchange (LSE), thereby retaining its membership in the FTSE 100 index, a widely used index of UK-listed stocks. Flutter trades in the United States under the ticker symbol "FLUT."
By listing on the New York Stock Exchange, FanDuel's parent company will immediately become one of the largest publicly traded gaming companies on the U.S. stock exchange. In addition to FanDuel, Flutter also owns Betfair, Paddy Power, PokerStars and Sisal, among others.
While Koeppel is now licensed in Nevada, Flutter's exposure there is minimal. Operator provides odds and FanDuel brand to the sportsbook at the Fremont City Center hotel-casino. But bets are not accepted anywhere in the state.
Fremont operator Boyd Gaming (NYSE: BYD) owns 5% of FanDuel, while Flutter has none.
NGC sings the praises of Koeppel
Koeppel was clearly well-received at the Jan. 25 NGC meeting, with commissioner Ogonna Brown describing the Flutter director as "fierce, eloquent and elegant."
You have to know what is right. Regulation is not a rule. As things evolve and industries change, regulations need to adapt and evolve and new laws may need to be passed," Brown said. "If you know what's right and do what needs to be done, if you can do all of those things, You will succeed. "
Koeppel is one of four female members of Flutter’s board of directors, all of whom are independent non-executive directors. Former Kellogg CEO John Bryant took over as chairman of Flutter's board of directors last April. Many speculate the move is aimed at promoting a U.S. listing.
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Source: www.casino.org
