The company behind some of the world’s biggest betting brands has begun trading on the New York Stock Exchange (NYSE) as the US online gambling boom continues.
FanDuel owner, Flutter Entertainment, has switched its primary listing from London to Wall Street as it looks to increase its profile in the United States, in what’s seen to be a further blow to the UK’s equity market and a demonstration of confidence in its North American operations. Ordinary shares in Flutter are now trading under the ticker symbol FLUT on the NYSE.
Flutter revealed its intention to change its main trading platform from London, coinciding with the debut of its company's ordinary shares in a secondary listing on the New York Stock Exchange. Meanwhile, its secondary listing in Dublin was terminated.
With Fanduel’s US sports betting market share now consistently topping 40% - higher still in some states - it’s a sure sign of Flutter’s relentless pursuit to be the biggest gambling name among the best sportsbooks in New York.
Flutter’s presence elsewhere in the world is equally huge. Paddy Power, Sky Bet and BetFair are among the other huge operations in the Flutter portfolio. The move to a new main trading venue could also underline that the relatively young US sports betting industry is poised to become the world leader.
In its announcement, Flutter cited its reasoning as being to “access to much deeper capital markets” as it seeks new US investment in the country it now describes as its “natural home”.
After transitioning, the board intends to maintain a secondary listing in the UK, although a primary listing is necessary to be eligible for the FTSE 100 inclusion.
The business that has its roots in the Republic of Ireland has also canceled its secondary listing in Dublin
Chief Executive Peter Jackson stated that the company expects the US to “contribute the largest proportion of profits in the near future.” The proposal will go before shareholders at the Flutter 2024 AGM on May 1st.
Jackson explained, ‘I know this will be the start of a long and successful partnership,’ stating his excitement, ‘Everyone at Flutter is proud to join such a distinguished list of companies on this great stock exchange.’
Flutter’s business has boomed in the US since the Supreme Court overturned a 1992 law banning sports betting in most states. The group generated a revenue of $4.59bn in 2023, up from $243 million a little more than five years ago in 2018.
FanDuel alongside its main rivals, DraftKings and BetMGM has led the keenly fought battle to command the still-developing gambling and gaming industry in the United States.
With fresh rivals now arriving, notably in the form of Penn Entertainment with its ESPNBet product along with Fanatics Sportsbook and more to follow, the Flutter move is a clear indicator that it intends to take on new entrants head-on in a bid to maintain its status of top dog in the US gambling arena.
Flutter Entertainment trades on the New York Stock Exchange (NYSE) under the ticker symbol FLTR. This move to the NYSE signifies Flutter's strategic pivot towards the US market, reflecting its focus on expanding its footprint in the rapidly growing US sports betting and online gambling sector.
Prior to this, Flutter had its primary listing on the London Stock Exchange (LSE) and also maintained a secondary listing in Dublin, which has since been canceled as part of its strategic reorientation towards the United States.
Yes, Flutter Entertainment is publicly traded. It is listed on the New York Stock Exchange (NYSE) under the ticker symbol FLTR. This listing allows investors and the public to buy and sell shares of the company, participating in its financial growth and performance in the sports betting and online gambling markets.
As of February 2, 2024, Flutter Entertainment has a net worth (market capitalization) of $38.28 billion.
