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Flutter Entertainment Prepares For Listing On NYSE

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2024-01-05

Flutter Entertainment Prepares For Listing On NYSE

Flutter Entertainment Prepares For Listing On NYSE

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Flutter Entertainment PLC, the parent company of Paddy Power, Betfair, and FanDuel, has announced its upcoming debut on the New York Stock Exchange (NYSE) on January 29. This move signifies Flutter’s focus on expanding its presence in the US betting market, with significant revenue contributions expected from its US operations, including the popular sports betting platform FanDuel.

Flutter Entertainment’s decision to list on the NYSE is a strategic move aimed at capitalizing on the expanding US betting market. By joining the NYSE, Flutter seeks to increase its visibility and attract more investors. The company will trade under the ticker symbol ‘FLUT’ on the NYSE, while maintaining its premium listing on the London Stock Exchange (LSE) with its existing ticker ‘FLTR’. This dual listing allows Flutter to access a wider pool of investors and diversify its shareholder base.

With its listing on the NYSE, Flutter Entertainment will trade under the ticker symbol ‘FLUT’. This new ticker symbol reflects Flutter’s commitment to establishing itself as a key player in the US market. Despite its expansion into the US, Flutter’s London listing on the LSE remains unaffected. The company will continue to trade under its existing ticker symbol ‘FLTR’ on the LSE, maintaining its presence in the UK market and ensuring continuity for its existing shareholders.

Flutter Entertainment’s decision to list on the NYSE is driven by its anticipation of significant revenue contributions from its US operations. The company’s sports betting platform, FanDuel, has gained immense popularity in the US market, particularly in states where sports betting has been legalized. With the growing acceptance of sports betting across the country, Flutter aims to capitalize on this trend and further expand its presence in the US market.

As Flutter Entertainment prepares for its listing on the NYSE, the company will issue a trading update on January 18. This update will provide insights into the company’s performance and financial outlook. Following the trading update, January 23 will mark the last trading day for Flutter’s shares on Euronext Dublin before their suspension and eventual delisting. This delisting from Euronext Dublin is part of a regulatory simplification process and paves the way for Flutter’s expansion into the NYSE.

To align with its increasing orientation towards its American investor base and operations, Flutter Entertainment will report its full-year results under US GAAP standards on March 26. This reporting change reflects the company’s commitment to transparency and ensures that its financial statements accurately represent its US operations. By adopting US GAAP standards, Flutter aims to provide greater clarity to its shareholders and stakeholders.

While Flutter Entertainment’s expansion into the NYSE presents exciting opportunities, it also comes with its fair share of challenges. The company had previously attempted to leverage assets from its acquisition of Milan-based Sisal, which added betting shops and regulated lotteries to Flutter’s portfolio. However, Flutter was unsuccessful in its bid to replace Camelot as the operator of the UK national lottery, losing out to Allwyn, a company owned by Czech billionaire Karel Komárek. Despite this setback, Flutter remains focused on its US operations and the potential growth opportunities they offer.




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