Flutter Waves Goodbye To Euronext Dublin As US Listing Nears

Flutter Entertainment is set to make its mark on the New York Stock Exchange (NYSE) after ceasing trading on Euronext Dublin in Ireland. The move comes as Flutter aims to support its growth plans in the United States. Flutter has experienced significant growth in the US, primarily due to the success of its subsidiary, FanDuel, which has become a major player in the sports betting and igaming industry.

Flutter’s decision to list on the NYSE was first announced in February 2023, with the primary aim of supporting its wider growth plans in the United States. Shareholders approved the dual listing at Flutter’s Annual General Meeting in April, paving the way for the company’s subsequent efforts towards the NYSE listing. One of the key driving factors behind Flutter’s success in the US market has been the rapid growth of FanDuel. Since its acquisition in May 2018, FanDuel has transformed into a leading provider of sports betting and igaming services in the country.

Prior to its delisting from Euronext Dublin and upcoming listing on the NYSE, Flutter released a trading update for the year 2023. The update highlighted the company’s continued growth, particularly in the US market. Group revenue for the 2023 financial year stood at £9.51 billion ($12.09 billion), representing a 25% increase compared to the previous year. This growth was primarily driven by a significant rise in revenue from Flutter’s operations in the US, which saw a 38% increase to £3.06 billion ($3.9 billion). In fact, US operations accounted for 37.9% of Flutter’s total revenue, solidifying its position as the primary revenue source for the group.

During an earnings call discussing the trading update, Flutter CEO Peter Jackson outlined the company’s three-year strategy for success in the US market. He emphasized that Flutter plans to ensure FanDuel’s continued growth and market leadership. The strategy involves addressing any issues in the first year, achieving product parity in the second year, and surpassing market expectations in the third year. Jackson expressed confidence in their ability to execute this strategy successfully, leveraging their expertise and understanding of the US market.

Flutter’s listing on the NYSE is expected to have several implications for the company. Firstly, it will provide Flutter with increased visibility and accessibility to the US investor base, allowing them to tap into a wider pool of capital. This will not only support their growth plans but also enhance their credibility in the US market. Additionally, the NYSE listing will allow Flutter to be traded in the world’s largest stock market, further increasing its global presence and influence.

Flutter’s ordinary shares will continue to trade on the main market of the London Stock Exchange (LSE) under the ticker symbol “FLTR.” On the NYSE, the ticker symbol for Flutter’s ordinary shares has been confirmed as “FLUT.” This consistency in ticker symbols across different stock exchanges will ensure seamless trading and minimize any confusion for investors.

To complete the US listing, Flutter needs approval from the US Securities and Exchange Commission (SEC) for its Form 20-F Registration Statement. This approval is the final step required for the US listing and is expected to be granted before the market opens on January 29th. Flutter remains optimistic about the approval process and is confident in meeting all regulatory requirements.

Flutter has witnessed substantial growth in the US market, primarily driven by the success of FanDuel. The company reported a 39% increase in US sports revenue and a remarkable 47% increase in gaming revenue, both on a constant currency basis. Furthermore, the average monthly player count exceeded 3.2 million, reflecting the growing popularity and reach of Flutter’s offerings in the US. With this impressive growth trajectory, Flutter is well-positioned to further expand its market share and solidify its presence in the US.

With its imminent listing on the NYSE, Flutter is poised to embark on a new chapter of growth and expansion. The company’s focus on the US market aligns with its long-term strategy, aiming to capitalize on the immense potential of the sports betting and igaming industry in the country. Flutter’s three-year plan for success, coupled with its strong financial performance, positions the company for continued growth and market leadership in the US.