Flutter Entertainment Lists on NYSE

Flutter Entertainment, the parent company of FanDuel and other popular online gambling brands, will begin trading on the New York Stock Exchange (NYSE) under the ticker FLUT. This secondary listing marks a significant milestone for the company as it aims to increase accessibility to U.S. based investors and tap into deeper capital markets.

"Our NYSE listing, effective today, represents a pivotal moment for the Group," said Chief Executive Peter Jackson in a news release. "It allows us to expand our reach to U.S. investors and strengthen our foothold in the global market."

Originally listed on the London Stock Exchange (LSE) in 2019 as FLTR, Flutter's American depositary receipts have been traded over-the-counter under the ticker PDYPY, which pays homage to the company's original name, Paddy Power Betfair.

While Flutter's primary listing remains on the LSE, the company plans to propose a switch to the NYSE as a special resolution to shareholders at its 2024 annual general meeting on May 1. If approved, the transition is expected to take place in the late second or early third quarter.

"Given FanDuel's dominant position in the U.S. market, we believe a primary listing in the U.S. is the natural choice for Flutter," explained Jackson. The company faces competition from other major players in the online sports betting industry, such as DraftKings, ESPN Bet, MGM Resorts International, and Caesars Entertainment.

The timing of Flutter's listing coincides with the upcoming Super Bowl on February 11, where the Kansas City Chiefs will go head-to-head with the San Francisco 49ers. As U.S. investors gear up for Super Bowl bets, they now have the opportunity to invest in FanDuel through Flutter Entertainment.

Angela Palumbo