SBC News Voice of the Sports Betting Industry
Flutter Entertainment has today confirmed that it is working towards 29 January 2024 as the effective date for its New York Stock Exchange (NYSE) listing.
The Paddy Power owner had for some time mooted the idea of a secondary listing in the US to reflect the growing importance of the market to the business, and announced in November that it had chosen the NYSE to execute the plan.
Speaking last month, CEO Peter Jackson said the US listing would “bring the group significant benefits from accessing the world’s deepest and most liquid capital markets”.
The move will be accompanied by the cancellation of Flutter’s existing secondary listing on Euronext Dublin on the same date, with the group explaining in a stock market announcement that it “believes that it is appropriate to maintain just two listings to minimise regulatory complexities”.
As a result of its planned delisting in Dublin, STOXX has decided to remove Flutter from the EUROSTOXX Index from 18 December 2023.
The group, which owns brands including Sky Betting & Gaming, Betfair, FanDuel and PokerStars, has previously hinted that it could pursue a primary listing in the US in the future, but that plan appears to be some way off.
“Flutter’s premium listing on the London Stock Exchange and inclusion in the FTSE 100 index will not be affected by the addition of this US listing,” it said this morning.
“Flutter’s shares will continue to trade on the LSE under its existing ticker symbol: FLTR. From the point of the US listing, Flutter will also trade on the NYSE under the ticker symbol: FLUT.”
While Flutter has pressed ahead with the expansion of its international portfolio with acquisitions such as Sisal and MaxBet, the US has emerged as a key driver of growth for the business.
Its FanDuel brand has established itself as the market leader in the US online betting and gaming industry and, after it reported a 20% rise in revenue in Q3, Jackson was enthusiastic about what that could mean for the group’s long-term prospects.
“We are particularly pleased by the great progress we are making in the US,” he said.
“We are the first online operator to achieve structural profitability, and the strong ramp in EBITDA during 2023 will continue into 2024 and beyond, as our profit margins expand materially.”
