The leading gaming and entertainment company, Flutter Entertainment, announced that its ordinary shares on the New York Stock Exchange (NYSE) will begin trading at 9:30 ET today. Ahead of the planned NYSE listing, last week, the company revealed its plans to exit the Dublin Stock Exchange.

The exit coincides with the listing on NYSE with Flutter confirming that its ordinary shares on Euronext Dublin will cease trading as of 8:00 GMT today. At the same time, the company confirmed that its shares will continue trading on the London Stock Exchange (LSE).

Currently, Flutter’s shares on the LSE trade under the existing ticker “FLTR.” On the other hand, once the company’s shares start trading on the NYSE, they will be using the ticker symbol “FLUT.”

The start of trading on NYSE represents an important moment for Flutter as it anticipates its transition to primary US listing. Ultimately, the listing is expected to generate long-term benefits for the company that will contribute toward its growth in the country.

Flutter’s chief executive, Peter Jackson, highlighted the importance of the NYSE listing for the company, adding that it will deliver long-term benefits. Finally, he pointed out: “We believe a US primary listing is the natural home for Flutter given FanDuel’s #1 position in the US, a market which we expect to contribute the largest proportion of profits in the near future.”

“With our NYSE listing effective today, this is a pivotal moment for the Group as we make Flutter more accessible to US based investors and gain access to deeper capital markets.“

Peter Jackson, chief executive at Flutter Entertainment

Transition to Primary US Listing to Unlock Benefits

In February last year, Flutter acknowledged the potential of a strategic NYSE listing. At the time, the company evaluated that the listing would help grow its US profile and boost the retention and recruitment of US talent. Additionally, the listing would grant Flutter access to new US domestic investors and deeper capital markets. Another significant benefit of the NYSE listing is that Flutter will be able to access different US indices by pursuing a primary listing in the US.

The company indicated strong support for the proposed move after discussions with existing shareholders and US investors. Consequently, Flutter’s Board identified that a transition to NYSE as a primary listing is an “optimal location” for its shares. The aforementioned topic will be up for discussion at the company’s upcoming 2024 AGM scheduled to take place on May 1, 2024. If the transition receives approval of Flutter’s shareholders, it is expected to come into effect in either late Q2 or early Q3 2024.

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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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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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Better Collective, a Nasdaq Stockholm-listed company, unveiled its plans for a second listing. As announced by the company, it plans to also list its shares on Nasdaq Copenhagen.

Providing a few insights into its intentions, Better Collective informed the public that the second listing would, if approved, occur during the final quarter of the year.

Better Collective noted that the dual listing is subject to the publication of an exemption document by the company, approval by Nasdaq Copenhagen, fulfillment of certain conditions and other market conditions.

The company also noted that no offering of shares will be carried out in relation to the dual listing. The total number of company shares will remain unaffected by the listing, Better Collective added.

A Natural Next Step

Representatives addressed the announcement, elaborating on the company’s intentions. Better Collective’s co-founder and chief executive officer, Jesper Søgaard, said that the dual listing in Denmark is “a natural next step” for the Danish-incorporated company.

Søgaard noted that Better Collective has been steadily growing since the Swedish IPO in 2018, generating a lot of shareholder value. At the same time, the company continues its efforts to become a leading digital sports media group.

Combined with the fact that we experience an increased interest in our company from both current and potential institutional investors in Denmark, we believe now is the right time to dual list in Denmark.

Jesper Søgaard, co-founder & CEO, Better Collective

Jens Bager, the company’s board chairman, also commented on the matter, also remarking on Better Collective’s recent growth. According to him, the company is in a stronger position than ever before.

The listing in Sweden five years ago contributed a lot to Better Collective’s journey to becoming the leading digital sports media group. The dual listing in Denmark where Better Collective is headquartered is the logical development.

The entire management team led by the founders of the company has managed to build a resilient business and not least a strong organization that will enable Better Collective to further elevate its footprint within the digital sports media world.

Jens Bager, chair, Better Collective

Bager concluded that the company hopes to attract the interest of notable Danish investors.

In other news, Better Collective recently decided to acquire Tipsbladet.dk in a $6.9 million deal.

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