Flutter Entertainment has officially begun trading on the New York Stock Exchange (NYSE) in the US as of today, January 29th, with its shares launching at 14:30 GMT. The company’s ordinary shares are now trading under the ticker symbol FLUT on the NYSE.
This move marks the end of Flutter’s secondary listing on Euronext Dublin. Last week, the group ceased trading shares on the Irish exchange in preparation for the New York listing. However, Flutter will continue to trade on the London Stock Exchange (LSE) and maintain its premium listing on the London exchange under the FLTR ticker symbol.
Flutter CEO Peter Jackson stated, “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 has reported significant growth within the US in recent years due to the success of FanDuel. Acquired in May 2018, FanDuel has grown to become a major US provider of sports betting and iGaming. In addition to its listing on the NYSE, Flutter is considering a move to a primary listing in New York, with the board highlighting potential benefits such as a greater profile in the US, better recruitment and retention of US talent, and access to deeper capital markets.
The company has engaged with US investors and shareholders globally and plans to put the proposal for a primary listing to shareholders as a special resolution at the 2024 Flutter AGM on May 1, 2024. If approved, the transition is expected to become effective in late Q2 or early Q3. Flutter intends to retain its UK listing as a secondary listing to ensure the greatest number of investors can continue to hold its shares.
Flutter’s US operations have played a significant role in the company’s growth, with group revenue for the 12 months to December 31st, 2023 up 25% to £9.51 billion, driven by a 38% rise in revenue from operations in the US to £3.06 billion. US operations accounted for 37.9% of all revenue, with a significant increase in average monthly players.
Reflecting on the growth in the US, Flutter CEO Peter Jackson outlined a three-year strategy for success in the country, predicting that FanDuel will complete a race to the finish line in the final year.