Flutter Entertainment Gearing Up for NYSE Listing in 2024

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Flutter Entertainment has announced its intention to list its ordinary shares on the New York Stock Exchange (NYSE) by January 29, 2024. The idea of an additional listing emerged in February as part of the company’s strategy to expand its presence in the US market. Shareholders gave their approval to this dual listing during the annual general meeting in April, and since then, the company has been actively working towards achieving this goal.

To proceed with this plan, Flutter must submit its Form 20-F Registration Statement to the US Securities and Exchange Commission. The targeted date for the launch of its shares on the NYSE, which was chosen after a thorough tender process, is the last Monday of January 2024.

Changes in European Listings

Concurrently with its NYSE debut, Flutter will withdraw from Euronext Dublin. The company has already informed Euronext Dublin of its plan to cancel its secondary listing on the same date as its NYSE launch. This decision was confirmed during Flutter’s third-quarter results announcement last month, citing the need to reduce regulatory complexities by maintaining only two listings.

The last trading day for Flutter’s ordinary shares on Euronext Dublin is set for January 23, after which trading will be suspended to allow for the settlement of pending trades and repositioning instructions.

Flutter maintains a premium listing on the London Stock Exchange (LSE), where it is part of the FTSE 100 index. The company has clarified that its NYSE listing will not affect its position on the LSE and its FTSE 100 status. Post the US listing, Flutter’s shares will still be traded on the LSE under the ‘FLTR’ ticker symbol, and on the NYSE, they will trade under ‘FLUT’.

Ahead of the US listing, Flutter plans to release a trading update on January 18, highlighting its performance in the financial year 2023. The full financial results for the year are scheduled to be published on March 26.

The Thinking behind the US Expansion

Flutter’s significant growth in the US gambling market, primarily driven by the success of FanDuel, has been a key motivator for this expansion. Since its acquisition in May 2018, FanDuel has evolved from a daily fantasy sports operator to a leading sports betting and online casino provider in the US. The US segment has become the primary revenue generator for Flutter, with the third-quarter figures showing a remarkable 11.7% increase to £668 million.