Flutter to list on NYSE, leaves Dublin Stock Exchange

Flutter Entertainment, the company that operates FanDuel, has made significant preparations for a strategic move as it shifts its focus to the lucrative US market. While the global gambling giant will maintain its listing on the London Stock Exchange, the decision to list on the NYSE represents a new era for the company and opens up significant growth opportunities.

The company has confirmed that its shares will be delisted from the Irish stock exchange as it prepares for the final step required for the US exchange listing. This involves migrating the settlement system of its shares from Euroclear Bank to the Depository Trust Company. Shareholders have approved this move, and it is set to be finalized by 6 am GMT on 29 January.

To facilitate the settlement of pending trades and repositioning instructions ahead of the NYSE listing, trading on Euronext Dublin will be suspended on 24 January. This strategic move also aims to minimize regulatory complexities by maintaining only two listings – one on the LSE and the other on the NYSE.

Flutter Entertainment shares will remain available on the London Stock Exchange under the FLTR ticker symbol. For its NYSE listing, the company will use the symbol FLUT. This dual-listing strategy is part of Flutter’s plan to maximize its presence in the US market, which is responsible for an ever-growing share of its profits.

The decision to shift focus away from Europe comes amidst a series of setbacks on the Old Continent due to rising regulatory uncertainties. Flutter’s preliminary Q4 2023 financial results highlighted its strong position in the US market, reporting a 43% share of the country’s sports betting market and a 26% share of the iGaming market.

Flutter Entertainment CEO Peter Jackson outlined a three-year strategy for success in the US. FanDuel, Flutter’s US-facing brand, is ranked as the number one sports betting and number two online casino operator in the US and is uniquely positioned to capitalize on the growing number of jurisdictions offering regulated online gambling.

The move to dual-listing is a strategic step to enhance Flutter’s North American profile, recruit and retain US talent, and tap into deeper capital markets, seeking growth opportunities in the expanding American market. Investors and industry observers are closely watching Flutter’s moves as it positions itself for success in the dynamic US gaming landscape.