Flutter Entertainment, the operator of FanDuel, has spent significant time preparing for this strategic move as it pivots its attention to the lucrative US market. The global gambling giant will maintain its listing on the London Stock Exchange, signifying its ongoing commitment to maintaining a presence in its core jurisdictions. However, the move to the NYSE heralds a new era for the company and should open significant growth opportunities.

The NYSE Listing Is Just a Few Steps Away

Flutter confirmed that its shares will be delisted from the Irish stock exchange as it prepares for the final step required for the US exchange listing, the migration of the settlement system of its shares from Euroclear Bank to the Depository Trust Company. This move has the full approval of shareholders and should be finalized by 6 am GMT on 29 January.

The decision to suspend trading on Euronext Dublin on 24 January aims to facilitate the settlement of pending trades and repositioning instructions ahead of the NYSE listing. This strategic move also aims to minimize regulatory complexities by retaining only two listings – one on the LSE and the other on the NYSE.

Flutter Entertainment shares will remain available on the London Stock Exchange (LSE) under the FLTR ticker symbol. For its NYSE listing, the company will use the symbol FLUT. The move to dual-listing is part of Flutter’s strategy to maximize its presence in the US market, which is responsible for an ever-growing share of its profits.

The Company Remains Focused on the US Market

Flutter’s decision to gradually shift its focus away from Europe comes amidst a series of setbacks on the Old Continent, primarily due to rising regulatory uncertainties. Meanwhile, Flutter’s preliminary Q4 2023 financial results highlighted its robust position in the US market, reporting a 43% share of the country’s sports betting market and a 26% share of the iGaming market. 

Flutter Entertainment CEO Peter Jackson outlined a three-year strategy for success in the US in a recent earnings call. FanDuel, Flutter’s US-facing brand, is ranked as the number one sports betting and number two online casino operator in the US and is uniquely positioned to capitalize on the growing number of jurisdictions offering regulated online gambling.

“The business is in a good place. We’ve got a great product and great momentum to exit the year in the States.”

Peter Jackson, Flutter Entertainment CEO

Investors and industry observers are keenly watching Flutter’s moves as it positions itself for success in the dynamic US gaming landscape. This move to dual-listing is a strategic step to enhance Flutter’s North American profile, recruit and retain US talent, and tap into deeper capital markets, seeking growth opportunities in the expanding American market.

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Earlier in the week, the leading online sports betting and gaming company that operates some of the most innovative, versatile, and easily distinguishable brands, Flutter Entertainment, announced that its UK and Ireland division had committed up to £8 million ($10 million) to charitable initiatives in 2023. 

The gambling conglomerate also took the opportunity to announce upcoming funding campaigns in the books for its three main three brands, Paddy Power, Sky Betting & Gaming, and Betfair. 

During a Bloomberg podcast, Flutter’s chief executive operator, Peter Jackson, emphasized the company’s effective strategy and excellent capacity to branch out into new verticals while discussing FanDuel’s development and further plans aimed at the US market.

Now, the company that is determined to streamline its operations and minimize regulatory complexities has announced that it will only maintain two stock exchange listings. Here is a quick breakdown of the fresh information. 

Flutter to Cancel Its Euronext Dublin Listing by January 23, 2024

According to the latest news which follows the previous November announcement, Flutter’s ordinary shares will stop being traded on Euronext Dublin on January 23, 2024. After that, a trading suspension will be implemented to allow the settlement of all pending trades.

The impending delisting from the Dublin stock exchange will also translate to Flutter’s removal from the Eurostoxx index by Stoxx, which will go into effect starting December 18, 2023.

This does not, however, mean that Flutter’s premium listing on the London Stock Exchange will suffer. The same goes for the company’s inclusion in the FTSE 100 index.

In other words, Flutter Entertainment’s shares will keep being traded on the London Stock Exchange under the ticker symbol FLTR. 

Getting Ready for the NYSE Listing

While preparing to bid farewell to the Dublin stock exchange, Flutter is also getting ready to list its ordinary shares on the New York Stock Exchange (NYSE) by January 29, 2024.

This is a strategic decision that perfectly blends into Flutter’s plans to optimize its operations while capitalizing on the strengths of the NYSE market and still holding on to its presence in the UK market.

The NYSE listing is currently waiting for the US Securities and Exchange Commission’s ruling over the Form 20-F Registration Statement submitted by Flutter. 

Once it receives the green light for the NYSE, the company will trade under the symbol FLUT. On January 18, 2024, Flutter will also introduce a brief trading update for the three months ending December 21, as well as the full year 2023. 

The full-year results for the 12 months ending December 31, 2023, will be published under US GAAP on March 26, 2024.

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Flutter Entertainment, the parent company of FanDuel, has decided to delist from Euronext Dublin, Ireland’s stock exchange, as part of its strategy to add a New York listing in the first quarter of 2024. The move comes amid regulatory considerations and technical challenges in maintaining the company’s Dublin listing.

Europe Remains a Challenging Regulatory Environment

While Flutter plans to remain listed on the London Stock Exchange, it has opted to delist from Euronext Dublin. The decision is rooted in the desire to streamline operations and facilitate easier regulatory compliance. The company stated it preferred to maintain a listing in Ireland but cited challenges and technical difficulties that hindered the retention of its Dublin listing.

Flutter’s decision to gradually shift its focus away from Europe comes amidst a series of setbacks on the Old Continent. While the gaming giant’s UK & Ireland division showed an 11.2% year-on-year revenue increase, reaching $566 million, the region’s uncertain regulatory landscape has impacted the company’s operations, causing significant concern.

Flutter’s recent announcement about the closure of 21 Paddy Power betting shops in Ireland further destabilized its position in the region, as the Irish government announced a new Gambling Bill to restrict betting ads between 5:30 am and 9:00 pm. Flutter urged policymakers to reconsider, fearing such a change could impact revenues.

US Operations Enjoy Stellar Growth

Flutter has had significantly more success in the USA, as Q3 results revealed robust growth. The company’s US-facing operations saw revenues of £668 million ($820.2 million), up year-over-year by 12%. New York was one of Flutter-owned FanDuel’s most successful jurisdictions, as it became the first state to surpass the $2 billion handle mark.

Other highlights of Flutter’s latest trading update included the successful acquisition of a 51% stake in MaxBet, a leading betting and gaming operator with a presence in Serbia. This move signifies that despite Flutter’s increasing focus on the USA, the company will maintain its foothold in its core markets and continue investing in promising European jurisdictions.

The move to delist from Euronext Dublin and seek a New York listing aligns with Flutter’s broader vision and ongoing efforts to navigate the dynamic landscape of the global gambling industry. The company has maintained impressive momentum, but rising industry challenges have forced it to adapt and reconsider its priorities.

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