Flutter Pursues US Listing to Attract Investors

FanDuel Owner Slated to Move Primary Stock Listing to New York

Nearly everyone involved in US sports betting is familiar with FanDuel. They may not be aware of Flutter Entertainment, which owns FanDuel. The company also owns Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, and Betfair among others.

The company is a major player in the sports betting scene on both sides of the Atlantic but sees the U.S. market as a potential gold mine. That’s just not betting profit, but there is also potential for huge stock sales in the U.S.

From that perspective, Flutter pursues a US listing as it hopes to move its primary listing from London to New York.

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Flutter Entertainment canceled its Euronext Dublin listing in January. It started trading on the New York Stock Exchange but has kept its primary listing in London. On May 1, shareholders will get to vote on a proposed plan to move its primary listing to New York.

The company hopes this helps attract new investors. Some people may be interested in owning a piece of the sportsbook they bet online with. With the sale of new stock also comes more operating capital. Therefore, it makes sense from a business standpoint to see Flutter pursue a US listing.

Several US investors will only buy stock listed on the New York Stock Exchange.

“I was proud to see Flutter shares trading for the first time on the NYSE on Jan. 29, 2024, and we have been encouraged by the increased focus from new US investors as a result of our US listing,” Flutter CEO Peter Jackson said in the company’s 2023 earnings report.

“We are working towards a shareholder vote on May 1, 2024 to approve our primary listing move to NYSE.”

Bright Outlook for 2024

Being the dominant force in the US sports betting market is a good thing, but the company is still looking to do better. The primary objective in why Flutter pursues US listing is for future growth.

“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,” Jackson said when Flutter Entertainment started being traded on the NYSE.

Flutter has ambitious goals in 2024 but is well on the way to meeting them. The company had a strong start to the year.

“The year has started well with very good momentum continuing into Q1,” Jackson said. “Record Super Bowl
engagement contributed to US revenue growth of 55.6% for the period from January 1, 2024 to March
17, 2024. We also launched in North Carolina where we have been really pleased with performance
to date.”

Flutter is based in Ireland and will remain so for tax purposes even after moving its primary listing to New York. The company plans to keep its listing in London as a secondary listing. It believes that is the best way to allow investors the opportunity to purchase the company’s stock regardless of location.

For Gambling news, odds analysis, and more, visit Point Spreads Sports Magazine.


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