NEW YORK - Flutter Entertainment (NYSE: FLUT, LSE: FLTR), a global leader in online sports betting and iGaming, has announced the expansion of its Board of Directors with the appointment of two new members, bringing significant experience from the entertainment sector. Christine M. McCarthy and Robert R. Bennett will join the board as non-executive directors effective July 30, 2024.
McCarthy, known for her extensive tenure at The Walt Disney Company (NYSE:DIS), will contribute her financial expertise to Flutter's Audit Committee. Her experience includes roles as Senior Executive Vice President and Chief Financial Officer at Disney, and directorships at The Procter & Gamble Company and FM Global.
Bennett brings a wealth of knowledge from his time in senior positions at media companies, including President of Discovery (NASDAQ:WBD) Holding Company and CEO of Liberty Media Corporation. He will serve on the Risk and Sustainability Committee at Flutter. His current board roles include HP Inc (NYSE:HPQ). and Liberty Media, with past directorships at Warner Bros. Discovery and Sprint Corporation, among others.
John Bryant, Chair of the Flutter Board, expressed confidence that the new appointees' industry insights would be beneficial as the company continues to grow its global online sports betting and iGaming services.
Flutter, which operates popular brands such as FanDuel, Sky Betting & Gaming, and PokerStars, reported a 25% year-over-year increase in global revenue for fiscal 2023, totaling $11,790 million, and $3,397 million for the quarter ending March 31, 2024. The company prides itself on its "Flutter Edge," which it describes as a set of competitive advantages that support its brands in maintaining a leading market position.
The appointments are part of Flutter's ongoing strategy to foster a sustainable and positive future for stakeholders, in line with its Positive Impact Plan. This news is based on a press release statement from Flutter Entertainment.
InvestingPro Insights
As Flutter Entertainment (NYSE: FLUT, LSE: FLTR) enhances its corporate governance with new board appointments, it's important to consider the company's financial metrics and market performance.
Flutter's commitment to shareholder returns is underscored by its significant dividend yield of 6.12%, as of the first half of 2024, with the last dividend date recorded on June 3, 2024. This aligns with one of the InvestingPro Tips that FLTR has maintained dividend payments for 14 consecutive years, showcasing a stable return to investors amidst its growth.
Despite a volatile market, FLTR's stock trades with low price volatility, which could be appealing to investors seeking stability in their portfolio. Moreover, the company's market capitalization stands at $1.65 billion, reflecting its solid position in the industry. It is also noteworthy that FLTR is trading near its 52-week high, with the price at 99.49% of this peak, indicating investor confidence in the stock.
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