Flutter Entertainment Sets Stage for New York Stock Exchange Listing
LISTEN TO THIS ARTICLE:Flutter Entertainment has halted its share trading on Euronext Dublin as it shifts its focus to the US.
The company’s trading ceased on 23 January, with plans to delist from the Dublin exchange by 29 January. Coinciding with this change, Flutter Entertainment is preparing for its debut on the New York Stock Exchange (NYSE) on the same date. However, the company’s operations on the London Stock Exchange (LSE) remain unaffected, continuing under the ticker ‘FLTR’.
The new venture into the NYSE, marked by the ticker ‘FLUT’, hinges on the US Securities and Exchange Commission’s approval of its Form 20-F Registration Statement, a step that Flutter anticipates will take place before the NYSE market opens on 29 January.
Reasons for Flutter’s Move
Flutter Entertainment’s move to a US listing was suggested in early 2023, with the primary aim of bolstering the company’s growth in the American market. Since securing approval from shareholders at the April AGM, Flutter has been meticulously preparing for this transition.
A significant driver behind this strategic move is the company’s success with FanDuel. Following its acquisition in May 2018, FanDuel has evolved from a daily fantasy sports platform to a leading sports betting and iGaming provider in the US. Flutter’s latest trading update underscored its strong performance in the US, reporting a 25% increase in group revenue year-on-year, with the US operations contributing a notable 38% increase, totaling £3.06 billion.
The US online gambling market is Flutter’s primary revenue source and it is expected to grow in the coming years. This strong growth trajectory is further reinforced by a substantial rise in US sports revenue and gaming, alongside a significant increase in average monthly players, now exceeding 3.2 million.
Flutter’s Forward-Looking Strategy in the US
In the wake of its promising financial update, Flutter CEO Peter Jackson shared an ambitious three-year roadmap for the company’s US operations, particularly emphasizing the potential of FanDuel.
From an igaming perspective, we’re following the strategy we laid out at the capital markets day. We said in the first year there were things that were broken that we were going to fix. We said in the second year we’d get to product parity and in the third year we’re going to get ahead of the market.
More Business News
RELATED TOPICS: Business
Latest News
Most Read
Must Read
Interviews
When Helping Others Is a Life-Long Mission - An Interview with Gordon Moody CEO, Monica Shafaq
Dec 17, 2024
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Flutter Entertainment Sets Stage for New York Stock Exchange Listing