Flutter Entertainment, the company behind some of the most popular gaming brands like FanDuel, PokerStars, Betfair, Paddy Power, and others, was listed on the New York Stock Exchange (NYSE) on January 29, 2024.
Flutter announced they would be listed on the NYSE earlier in the year and stopped trading its stocks on the Euronext Dublin on January 23 in preparation for the move.
Flutter’s CEO Peter Jackson was invited to ring the NYST Opening Bell on January 29, announcing the first step in a new chapter for the company that looks poised to dominate the US online gambling markets for years to come.
Jackson commented: “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.”
Flutter Looking for Primary Listing on the NYSE
While Flutter stock is now available for trading on the NYSE, the London Stock Exchange listing remains the company’s primary listing, but not for long.
According to Flutter’s press release, Flutter plans to continue trading its stock on the London Stock Exchange long into the future, but will be looking to make the NYSE listing its primary.
According to a proposal set out a year ago, moving to a primary listing in New York would unlock long-term strategic and capital market benefits, open the door for acquisition and retention of top US talent, and provide greater liquidity in the company’s shares.
“Since February 2023, management has engaged widely with US investors, existing and potential, along with existing shareholders globally,” Flutter said. “Feedback received has been very supportive of moving Flutter’s primary listing to the US.”
“As a result, the board believes that the NYSE is now the optimal location for Flutter’s primary listing of its shares and that the transition should be made as soon as practicable.”
Moving forward, Flutter will stock will be traded on the NYSE under the ticker symbol FLUT, while the ticker symbol FLTR will remain on the London Stock Exchange for the time being.
Big Plans for Flutter and FanDuel in the US
The decision to list Flutter stock on the NYSE in 2024 comes as no surprise, as it was the US markets that helped the company grow exponentially in 2023.
According to Flutter’s financial reports for the year, the company saw a 25% increase in revenue, up to £9.51 billion in 2023. The increase came mainly as a result of greatly improved revenue in the US markets, which stood at £3.06 billion for the year, a 38% year-over-year increase.
The skyrocketing revenue was driven by both sports betting and igaming brands, with sports betting revenue increased by 39% and igaming by 47% compared to 2022, while the number of average monthly layers climbed up to a staggering 3.2 million.
US brands like FanDuel were greatly responsible for the increase, but Flutter’s penetration into the new legal gambling market in Canada with brands like PokerStars Ontario also added additional revenue to move the company in the right direction.
According to Peter Jackson, Flutter has a strong three-year success strategy for the US, and plans to see FanDuel “complete a race to the finish line by the final year.”