SBC News Voice of the Sports Betting Industry
Flutter Entertainment Plc will proceed with plans to make the New York Stock Exchange (NYSE) the primary location of its corporate shareholding.
This morning, Flutter leadership rang the NYSE trading bell, beginning the firm’s dual-listing on the US exchange, as approved by investors. Flutter shares will be listed on the New York exchange under the ticker symbol FLUT, alongside the firm’s existing shareholding on the London Stock Exchange (LSE) under the ticker of FLTR.
The board will now advance plans as detailed in February 2023, to move Flutter’s primary listing onto the NYSE.
Investors were informed that “the Board believes that the NYSE is now the optimal location for Flutter’s primary listing of its shares, and that the transition should be made as soon as practicable.”
The proposal will be put to shareholders as a special resolution at Flutter’s 2024 AGM on 1 May 2024. Subject to shareholder approval, the transition is expected to become effective in late Q2/early Q3 of the same year.
Shifting its primary location to New York, the board believes that the listing will enhance the Group’s profile within US capital markets, better enable the recruitment and retention of North American talent, and provide access to much deeper capital markets, attracting new US domestic investors.
The move is also expected to increase overall liquidity in Flutter shares and give the optionality to pursue a primary listing in the US, a key criterion for access to important US indices.
Group CEO Peter Jackson concluded: “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.
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.”
