Flutter Entertainment has announced its plans to list its ordinary shares on the New York Stock Exchange (NYSE) by January 29, 2024. This move was first proposed in February as part of Flutter’s strategy to support its growth plans in the United States. Shareholders gave their approval for the dual listing at the company’s AGM in April, and since then Flutter has been making progress towards the listing.
To fulfill the requirements for the additional listing, Flutter must file its Form 20-F Registration Statement with the US Securities and Exchange Commission. The goal is to have the shares launch on the NYSE, which was chosen after a competitive tender process, on the final Monday of January 2024.
However, this launch on the NYSE also means that Flutter will be exiting Euronext Dublin. The company has notified Euronext Dublin of its intention to cancel its secondary listing on January 29. Flutter confirmed its decision to exit Euronext Dublin during its Q3 results announcement, stating the need to maintain just two listings to minimize regulatory complexities.
As a result, the final day of trading for Flutter’s ordinary shares on Euronext Dublin will be January 23. Trading will be suspended to allow for the settlement of pending trades and repositioning instructions.
Despite the listing on the NYSE, Flutter’s shares will continue to trade on the London Stock Exchange (LSE). The company assured that the decision to launch on the NYSE will not impact its listing status in the FTSE 100 index.
In the US, Flutter has seen significant growth, mainly due to the success of FanDuel, which it acquired in May 2018. The US business has become the main source of revenue for Flutter, with US revenue reaching £668m in Q3, up 11.7%. The company’s CEO, Peter Jackson, has expressed confidence in the continued growth of the US business, highlighting its achievement of being the first US online operator to reach structural profitability.
Looking ahead, Flutter is set to publish a trading update on January 18 and its full year results on March 26. The company’s Q3 results also revealed growth in gaming revenue, with US sports betting revenue and igaming revenue showing significant increases on a constant currency basis.