FanDuel owner Flutter Entertainment plans to list its shares on the New York Stock Exchange (NYSE) by January 29, 2024. The company, which also owns leading gambling brands like PokerStars, Paddy Power and Betfair, first announced its plans in February and received shareholder approval at the company’s Annual General Meeting in April.
Flutter Entertainment decided to maintain two listings to reduce regulatory complexities, as confirmed during its Q3 results announcement last month. The company will maintain its primary listing on the London Stock Exchange (LSE: FLTR), where it is a constituent of the FTSE 100 index. However, it will withdraw its secondary listing from Euronext Dublin, with share trades suspended by the close of trading on January 23, 2024.
Flutter must file a Form 20-F Registration Statement with the US Securities and Exchange Commission (SEC) to facilitate this process. The decision to list on the NYSE was made following a competitive tender process. The LSE listing, trading under the ticker symbol “FLTR,” will not be affected by the NYSE launch. On the NYSE, Flutter will trade under the ticker symbol “FLUT.”
Ahead of its US listing, Flutter will release a trading update on January 18, providing details on its financial performance for the year 2023. The full financial results for the year are scheduled to be published on March 26.
The move comes to solidify Flutter’s growth in the US market, primarily driven by the success of its FanDuel brand, which it acquired in May 2018, FanDuel has become one of the leading sports betting and iGaming operators in the US, currently having retail and online presence in 24 states across the country.
In Q3,2023, its US business was the largest contributor to Flutter’s earnings, accounting for 32.8% of total revenue, with group revenue increasing by 7.6% to £2.04 billion (~$2.56 billion). The US sports betting and igaming sectors have shown robust growth, with FanDuel’s market share in igaming rising to 23% during Q3. Still, the company saw the share price drop by as much as 9.4% during the period.
