Flutter Entertainment Plans Major Shift to NYSE by 2024

16

In a striking development aimed to draw the interest of a more expansive array of retail investors, Flutter Entertainment, best recognized for owning FanDuel, has set its sights on transitioning its principal share listing to the New York Stock Exchange (NYSE). A robust timeline has been laid out, with the gaming titan aiming to complete the transition by the close of 2024.

Only a short while ago, a mere two months past, the Dublin-domiciled juggernaut had made its grand entry into the NYSE, in the process, forsaking its ERONEXT listing. For the time being, Flutter’s primary listing remains domiciled within the London Stock Exchange, one of Europe’s grandest and largest bourses. Flutter’s reach extends further as this gaming powerhouse forms a significant cog in the FTSE 100 Index.

Follow us on Google News! ✔️


An intriguing year-to-date growth of 11.84% graces Flutter’s stock, though a slight dip has been observed in the aftermath of the company’s NYSE entry on the 29th of January. This decline can be pegged to weak signals emerging from fourth-quarter earnings reports that revealed certain markets outside the US underperforming.

A significant page in Flutter’s history could be turned at its annual meeting scheduled in May, where it intends to seek shareholder approval for the transition of its primary listing from London to New York. With a current market capitalization valued at $34.49 billion, Flutter sits at the gaming industry’s helm, second only to Las Vegas Sands.

The pursuit of Flutter’s primary listing in New York is seen as a blow dealt to London Stock Exchange. Semiconductor magnate Arm Holdings, headquartered in the UK, had made an identical decision in the preceding year, with Brexit becoming a potential tipping point. With the UK’s secession from the European Union, financial hubs like Amsterdam, Frankfurt, Paris, and London are increasingly setting up battle lines amongst themselves, with the major beneficiary of this competitive rivalry being the US financial market.

Big picture benefits await Flutter as it aims to diversify its listing in the US. Notably, it offers an ideal platform for the company to be recognized in many of the country’s major equity benchmarks such as the S&P 500. Flutter’s significant market cap and profitability tick the boxes for it to qualify for inclusion in principal domestic equity indices.

Flutter’s rapidly growing US footprint can also underline the motivation to divest from London. With 2023 marking its first annual profit, Flutter has been bullish about its US business, expecting to generate core profits between $635 million to $785 million this year, a significant increase from $167 million in 2023.

FanDuel, Flutter’s highest revenue-generating brand, holds a dominant position in the US online sports wagering domain, enjoying a larger growth rate than any other region. The brand controls an impressive 43% of the market, edging out competitor DraftKings who sits at a slightly lower 36%.

The strategic move to shift the primary listing can also threaten to up the ante by garnering greater attention from retail investors. This influential group has shown considerable inclination towards online gaming equities, positioning Flutter for potential further growth and success.

Previous articleCapitol Riot Leader Johnatakis Sentenced to Over Seven Years in Prison
Next articleBot-Driven Trade Triggers Bitcoin’s Biggest Monthly Slump Amid ETF Fervor
Melinda Cochrane is a poet, teacher and fiction author. She is also the editor and publisher of The Inspired Heart, a collection of international writers. Melinda also runs a publishing company, Melinda Cochrane International books for aspiring writers, based out Montreal, Quebec. Her publication credits include: The art of poetic inquiry, (Backalong Books), a novella, Desperate Freedom, (Brian Wrixon Books Canada), and 2 collections of poetry; The Man Who Stole Father’s Boat, (Backalong Books), and She’s an Island Poet, Desperate Freedom was on the bestseller's list for one week, and The Man Who Stole Father’s Boat is one of hope and encouragement for all those living in the social welfare system. She’s been published in online magazines such as, (regular writer for) ‘Life as a Human’, and Shannon Grissom’s magazine.