Flutter Entertainment, the parent company of FanDuel, has officially commenced trading on the New York Stock Exchange (NYSE) under the ticker symbol “FLUT.”
This strategic move positions Flutter for sustained growth within the U.S. sports betting industry where it already holds the most market share of any sportsbook operator.
The listing follows the company’s decision to delist from Euronext Dublin, emphasizing its strategic shift and focus on the robust U.S. market. For the time being, the company will retain its primary listing on the London Stock Exchange under its existing ticker symbol “FLTR.”
However, the Flutter Board believes a transition to a primary listing in the U.S. “should be made as soon as practicable,” according to the company’s press release Monday.
“With our NYSE listing effective today, this is a pivotal moment for the Group as we make Flutter more accessible to U.S. based investors and gain access to deeper capital markets," Flutter CEO Peter Jackson said. "We believe a U.S. primary listing is the natural home for Flutter given FanDuel’s #1 position in the U.S., a market which we expect to contribute the largest proportion of profits in the near future.”
A global leader in gaming
Investing in Flutter means investing in the top U.S. online operator in terms of revenue, market share and profitability. FanDuel, which achieved 26% revenue growth in the fourth quarter of 2023 and boasted more than 50% U.S. market share based on net revenue, is just a portion of Flutter’s overall business, too. The FanDuel parent also owns other well-known brands that operate across the globe like PokerStars, Sportsbet, Betfair, Paddy Power, and more.
Flutter’s FY23 revenue totaled $12 billion, a 25% improvement from 2022.
The impact on the U.S. sports betting landscape
Until today, DraftKings ($DKNG), FanDuel’s biggest rival, was arguably the publicly traded pure play in U.S. sports betting with the largest profile. $FLUT should attract increased attention from investors keen on tapping into the ever-growing American sports betting landscape which will welcome another new market with legal sports betting in North Carolina launching in time for this year’s March Madness.
Transitioning Flutter’s primary listing from London to the NYSE could open up $FLUT for inclusion in major U.S. indices, giving it a broader base of investors. Flutter’s move not only represents a financial milestone for the company at large, but also signifies a broader shift in perception of the U.S. sports betting sector, acknowledging the legitimacy of the industry as a whole.
If Flutter helps lift the valuations of other companies in the U.S. online sports betting space, companies like Caesars and MGM Resorts could spin their digital segments Caesars Sportsbook and BetMGM into publicly listed companies as well.
As Flutter takes its place on the NYSE, the stage is set for a new chapter of growth, innovation, and prominence in the evolving world of online sports betting.
NFL player and @FanDuel ambassador @RobGronkowski is used to Game Day feel but spiking the ball on the pitch outside the @NYSE is slightly different to what he's used to! #FlutterNYSEListed $FLUT pic.twitter.com/Wr7xojIxfa
— Flutter plc (@FlutterPLC) January 29, 2024
