Flutter Entertainment Begins Trading on NYSE

Flutter Entertainment, the company behind the popular sports betting and gaming brand FanDuel, has made headlines by commencing trading on the New York Stock Exchange (NYSE) on January 29th, 2024. The company's ordinary shares are now available for trading under the ticker symbol FLUT on the NYSE.

This move represents a strategic shift for Flutter Entertainment as it ends its secondary listing on Euronext Dublin. In the preceding week, the company ceased trading shares on the Irish exchange in preparation for its debut on the NYSE, aligning with plans announced last month.

Despite the NYSE listing, Flutter Entertainment will continue to trade on the London Stock Exchange (LSE) under the ticker symbol FLTR, maintaining its premium listing status there.

CEO Peter Jackson expressed the significance of this development, stating, "With our NYSE listing effective today, this is a pivotal moment for the group as we make Flutter more accessible to US-based investors and gain access to deeper capital markets."

Flutter Entertainment has experienced substantial growth in the US, primarily driven by the success of FanDuel, which was acquired in May 2018. The company now aims to pursue a primary listing on the NYSE, a move that aligns with its strategic and capital market objectives.

Key benefits of a primary NYSE listing include a higher profile in the US market, improved recruitment and retention of US talent, access to deeper capital markets, and the attraction of new domestic investors. Additionally, it is expected to enhance overall liquidity in Flutter Entertainment's shares.

Shareholders will have the opportunity to vote on this proposal as a special resolution at the 2024 Flutter Annual General Meeting scheduled for May 1, 2024. Pending shareholder approval, the transition is anticipated to be effective in late Q2 or early Q3.

Flutter Entertainment remains committed to its UK listing on the LSE, ensuring continued access for a wide range of investors. Following the announcement of the US listing, Flutter's LSE-listed shares experienced fluctuations, initially falling by nearly 2.00% and currently trading at 0.89% below today's opening price.

CEO Peter Jackson emphasized the importance of the US market, stating, "We believe a US primary listing is the natural home for Flutter given FanDuel's #1 position in the US, a market which we expect to contribute the largest proportion of profits in the near future."

In its recent trading update for 2023, Flutter Entertainment reported impressive growth, with group revenue increasing by 25% to £9.51 billion for the 2023 financial year. This growth was largely driven by a 38% rise in revenue from US operations, reaching £3.06 billion. The US market played a significant role, accounting for 37.9% of all revenue, with substantial increases in both sports and gaming revenue.

Flutter Entertainment's strategic focus on the US market appears to be paying off, with strong financial results supporting its ambitions for further expansion and success in this key region.