On January 29, 2024, Flutter Entertainment (NYSE: FLUT) made its US debut as a publicly listed company, with trading on the New York Stock Exchange (NYSE) commencing. The stock got off to a positive start, gaining 1.36% in midday trading, with volume reaching over 318,100 shares.
This move comes almost a year after the company first announced its plans to consider a US listing, transitioning from trading over-the-counter (OTC) to a formal NYSE listing. CEO Peter Jackson emphasized the significance of this move, stating that the US market, particularly with FanDuel’s leading position, is expected to contribute significantly to the company’s profits in the near future.
Flutter Entertainment had previously been listed on Euronext Dublin, but this was shed in preparation for the shift to the NYSE. The company will retain its listing on the London Stock Exchange (LSE) as a secondary venue.
With FanDuel being the largest online sportsbook operator in the US and a rising force in the iGaming space, the decision to list shares in New York makes strategic sense. Not only is FanDuel profitable, but it is also expected to contribute increasingly to Flutter’s earnings and revenue. The company’s engagement with US investors and shareholders has been positive, leading to the belief that the NYSE is the optimal location for its primary listing.
The NYSE listing could also make Flutter eligible for inclusion in more US-focused equity indexes, potentially enhancing the stock’s profile and liquidity. Additionally, it could broaden the company’s potential investor base, both professional and retail. This transition is expected to become effective in late Q2/early Q3 of 2024, pending shareholder approval.
Overall, the NYSE listing presents numerous benefits for Flutter Entertainment, from boosting its profile and liquidity to accessing deeper capital markets and efficiently raising cash if needed. This move positions the company for further growth and expansion in the US market, making it a pivotal moment in its evolution as a publicly listed entity.