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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