Paddy Power owner Flutter said today it would begin to consult shareholders on the possibility of an additional US listing.

The consultation follows the growth of the company’s US business, FanDuel, which has become the group’s largest business by revenue. This division now represents an “ever-greater proportion” of Flutter’s value, according to the company.

FanDuel now holds a 42pc market share in the US, generating revenue of around $3bn last year. It is expected to achieve profitability in 2023, Flutter reported.

Flutter’s board said the move towards an additional US listing would enhance the group’s profile in the US market, enable the recruitment and retention of local talent and open access to new capital markets and investors. It would also provide greater overall liquidity in its shares.

The move could also pave the way for a primary listing there, the group said.

Currently, the global betting group’s shares are traded in London and Dublin.

In a statement, the group said that it will “consult extensively before deciding whether to put forward a formal resolution for approval,” with consultation set to start immediately.

“In the event that there is broad shareholder support for an additional US listing, this would take precedence over any plans to list a small shareholding in FanDuel,” the group added.

Goodbody analyst David Brohan said the announcement was “not a major surprise” given the importance of the US market to the group.

“The company has also reiterated that it has no plans to move operations away from UK&I, and management will not be moving to the US,” he added.

“If successful, it will bestow virtues such as giving it greater access to deeper capital markets and new US domestic investors as well as enhancing liquidity,” said Davy analyst Paul Ruddy, pointing to a potential boost in profile in the group’s largest market.