Posted on: January 28, 2024, 05:00h.
Last updated on: January 28, 2024, 02:43h.
Last week, the Nevada Gaming Commission (NGC) granted a gaming license to a member of Flutter Entertainment’s (OTC:PDYPY) board of directors ahead of that company’s listing on the New York Stock Exchange (NYSE) on Monday.
Independent director Holly Koeppel, the chairwoman of Flutter’s audit committee, was approved for licensing in Nevada. She joined the board of the FanDuel parent in 2021, taking the lead on the audit committee the following year.
Up until April 2018, Holly was a Senior Adviser to Corsair Capital LLC, where she had previously served as Managing Partner and Co-Head of Infrastructure from 2015 until her retirement in 2017. From 2010 to 2015, Holly was Partner and Global Co-Head of Citi Infrastructure Investors, a division of Citigroup,” according to the Irish gaming company’s investor relations website.
Koeppel is also a non-executive director at AES Corporation, Arch Resources, Inc., and British American Tobacco Plc.
Ideal Timing for Koeppel Licensing
Flutter recently delisted its common stock from Euronext Dublin, resulting in its removal from the EUROSTOXX Index, in preparation for its NYSE listing. The operator told investors that it would maintain its listing on the London Stock Exchange (LSE) and thus retain membership in the FTSE 100 Index- a widely followed gauge of UK-listed equities. Flutter will trade in the US under the ticker “FLUT.”
By listing on the NYSE, the FanDuel parent will instantly becoming one of the largest publicly traded gaming companies trading on a US bourse. In addition to FanDuel, Flutter owns Betfair, Paddy Power, PokerStars, and Sisal, among other well-known wagering brands.
While Koeppel is now licensed in Nevada, Flutter has minimal exposure in the state. The operator provides odds and FanDuel branding for the sportsbook at the downtown Fremont Hotel Casino, but it doesn’t take bets anywhere in the state.
Boyd Gaming (NYSE: BYD), the operator of the Fremont, owns the 5% of FanDuel that Flutter does not.
NGC Gushes Over Koeppel
Apparently, Koeppel was a hit at the Jan. 25 NGC meeting as Commissioner Ogonna Brown called the Flutter director “fierce, eloquent and polished.”
“You need to know what’s right. Regulation isn’t the rules. As things evolve and the industry changes, regulation needs to adapt and evolve and maybe new laws need to be passed,” said Brown. “Knowing what’s right and doing what needs to be done, if you can do all of those things, you will be successful.”
Koeppel is one of four women on the Flutter board, all of whom are independent non-executive directors. Former Kellogg CEO John Bryant took the reins as chairman of the Flutter board last April in a move many speculated was aimed at facilitating the US stock listing.