Flutter Schedules Switch to Primary Listing in New York
Ireland-based betting giant Flutter is preparing for a primary listing on the US stock market late this year, which the gambling company hopes will lead to increased investment from North America. Flutter is the parent company of several global betting brands, including Paddy Power and Betfair.
In January this year, Flutter took a secondary listing on the US stock market when it joined the New York Stock Exchange. It has scheduled a vote on 1st May this year for the shareholders to approve the move to a primary listing on the stock exchange by the end of May.
LISTEN TO THIS ARTICLE:FanDuel, the largest sports betting operator in the US, is another brand that belongs to the Flutter group and has had a 95% percent stake in the company since 2020. FanDuel has reported strong growth forecasts for 2024 despite the intense competition in the sports betting market.
Flutter feels the dominance of FanDuel in the sports betting market and the increase in popularity of Belfair make this a perfect time for the gaming operator to switch its primary listing from London to New York.
We have FanDuel, and we want to make sure that our customers are able to buy shares in the company that owns their favorite entertainment provider. Once they see some reporting in US GAAP, these are the codes and the language they understand. We hope that will facilitate new investors into Flutter,
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Flutter Wants to Attract US Investors
Senior leadership has acknowledged that some investors in North America only invest in domestic markets. They hope this strategic move following the shareholder vote and US primary listing will encourage investors in North America to invest in the gaming operator.
The betting giant has outlined the switch to New York and a listing on the US GAAP as a first step in the company’s overall strategy. The US GAAP listing will increase awareness to a wider range of investors and promote the business and its brand further.
This listing will also mean Flutter can be inspected to see if it meets the guidelines to be included in the S&P 500 index. The company hopes the inclusion in the index will lead to further interest from investors.
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