New York Exchange
Leading casino and sports betting provider Flutter Entertainment has gone live on the New York Stock Exchange. The company is available for trading under the ticker symbol FLUT as of 2:30 pm GMT on January 29th.
Flutter is one of the biggest gambling companies in the world, operating brands like Sky Bet and Gaming, Paddy Power, Pokerstars, and Fanduel. The latter of these is a major player in the US market, having established itself as the go-to sports betting provider for many American sports fans.
US Influence
The company acquired Fanduel back in 2018. Since then, it has become one of the leading providers in the US and has helped Flutter take a stronghold on major states within the market.
Flutter’s presence in the US markets has been very strong. The company said the US was its major revenue source throughout 2023, drawing 37% of all of its revenue from the market.
Before launching on the New York Stock Exchange, Flutter ended its secondary listing on Euronext Dublin and ceased trading on the Irish exchange. However, Flutter will still continue to trade under the FLTR ticker on the London Stock Exchange.
By launching on the New York Stock Exchange, Flutter will be able to strengthen its position in the US considerably. The company will hope to attract domestic investment and have better recruitment opportunities for US-based talent.
Primary Listing
The next stage in Flutter’s US journey is the proposal to put the New York Stock Exchange as its primary listing.
Speaking about this, Flutter said, “Since February 2023, management has engaged widely with US investors, existing and potential, along with existing shareholders globally. As a result, the board believes that the NYSE is now the optimal location for Flutter’s primary listing.”
Shareholders will be given the opportunity to vote on this matter at the 2024 Flutter AGM on May 1st, 2024.
However, Flutter will also remain committed to its position in the London Stock Exchange. The launch in the US, and talk of it becoming the primary listing did see a slight drop in the share price in London. However, it is expected to recover quickly.
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