Flutter Entertainment (OTC: PDYPY) has confirmed its plans to make a grand entrance on the New York Stock Exchange (NYSE) on Monday, January 29, 2024, in a move that will see its stock delisted from Euronext Dublin. The parent company of FanDuel recently filed its 20-F form with the Securities and Exchange Commission (SEC) and anticipates trading under the ticker symbol “FLUT” in the US. This announcement came with a proposed cancellation of its secondary listing on Euronext Dublin, set to take effect on January 29, 2024, with the last trading day on January 23, 2024.
Moreover, Flutter Entertainment provided reassurance to investors that its London Stock Exchange (LSE) listing would remain intact, ensuring its continued membership in the FTSE 100 Index, even as it moves its primary listing to the US. The company currently holds a 95% stake in FanDuel, with the remaining 5% controlled by Boyd Gaming (NYSE: BYD).
With a market capitalization of $28.59 billion, Flutter would become the second-largest gaming stock in the US, behind only Las Vegas Sands (NYSE: LVS), should it list in New York today. However, due to its Dublin domicile, its US-listed shares will not be eligible for S&P 500 inclusion or any other S&P Dow Jones index, potentially limiting investment opportunities for index funds and ETFs.
The decision to list in the US is a strategic one for Flutter, given the rapid growth of the US market, where it has a significant presence through FanDuel, one of the leading online sports betting platforms. By tapping into the US investor market, Flutter aims to attract a wider range of professional and retail investors who may be deterred from trading over-the-counter stocks. Additionally, a US listing sets the stage for a potential spin-off of FanDuel in the future, a move that would make the company eligible for inclusion in S&P indexes.
Overall, the US listing represents a pivotal moment for Flutter Entertainment as it seeks to expand its investor base and capitalize on the fast-growing US gaming market, positioning itself for long-term success in the industry.