The parent company of online sports betting leader FanDuel has set a date to dangle its shares on a stock exchange in the United States.
Dublin-based Flutter Entertainment PLC confirmed on Friday that it plans to list its shares on the New York Stock Exchange (NYSE) on Monday, Jan. 29, pending approval of its paperwork. The ticker symbol for the shares will be "FLUT,” a press release noted.
The online sports betting operator will keep its listing on the London Stock Exchange. However, Flutter intends to delist its shares from the Euronext Dublin exchange to cut down on “regulatory complexities,” which it hopes to accomplish on Jan. 29 as well. The last day of trading for the Dublin-listed shares is expected to be Jan. 23, Flutter said.
Stateside perks
A possible U.S. listing has been in the works for months, but it could allow Flutter to tap into the deep pockets of American investors who may be quite familiar with FanDuel at this point. The U.S. also represents a growing share of Flutter’s revenue, due in no small part to FanDuel’s dominance in mobile wagering. Although DraftKings Inc. has mounted a serious challenge in recent months, FanDuel still looks to be the leader in U.S. online sports betting by gross gaming revenue.
Flutter said in November that it submitted a draft registration statement to the U.S. Securities and Exchange Commission and anticipated the listing to take effect in the first quarter of 2024.
"We are making good progress towards our U.S. listing which will bring the Group significant benefits from accessing the world’s deepest and most liquid capital markets," Flutter CEO Peter Jackson said in the company's third-quarter trading update. “Overall, the significant potential for U.S. growth and ability to leverage scale benefits across our diversified portfolio outside of the U.S., underpins our confidence in our significant and sustainable long term earnings growth potential.”
