Flutter Entertainment, a gambling company, has ceased trading on Euronext Dublin in Ireland in preparation for its upcoming launch on the New York Stock Exchange (NYSE). The company’s shares were halted from trading on Euronext Dublin on January 23 and are scheduled to be delisted on January 29, the same day Flutter expects to list on the NYSE in the US. Despite the delisting in Ireland, Flutter’s ordinary shares will continue to trade on the main market of the London Stock Exchange (LSE), under the ticker symbol FLTR.
The company’s US trading will be under the ticker symbol FLUT, as confirmed by Flutter. The launch of ordinary shares on the NYSE is pending approval of its Form 20-F Registration Statement by the US Securities and Exchange Commission, which Flutter expects to complete ahead of the market opening on January 29.
The decision to list in the US was first discussed in February 2023, with Flutter citing its desire to support wider growth plans in the US. The company’s growth in the US has been attributed to the success of FanDuel, which Flutter acquired in May 2018. FanDuel has since become a major provider of sports betting and igaming in the US.
Flutter’s recent trading update for 2023 showed significant growth in the US, with a 25% increase in group revenue and a 38% rise in revenue from US operations. The US operations remain the primary revenue source for Flutter, accounting for 37.9% of all revenue. Flutter CEO Peter Jackson outlined a three-year strategy for success in the US, with a focus on achieving product parity and getting ahead of the market in the third year.
Overall, Flutter’s decision to list on the NYSE reflects its continued focus on US growth and its confidence in the strength of its operations in the country. The company’s upcoming launch on the NYSE signals its commitment to expanding its presence and solidifying its position in the US gambling market.