Flutter Entertainment has announced that it has suspended trading on Ireland’s Euronext Dublin ahead of its expected debut on the New York Stock Exchange (NYSE) next week. The trading halt on January 23rd will see the company’s shares removed from Euronext Dublin on January 29th, the same day the company is set to be officially listed on the NYSE. However, Flutter’s ordinary shares will continue to trade without interruption on the primary market of the London Stock Exchange (LSE), under the ticker symbol FLTR.
The company’s listing in America will not impact trading on the LSE, as the ticker symbol for the NYSE, FLUT, has already been approved. The common shares will also be listed on the NYSE, pending validation of its Form 20-F Registration Statement by the US Securities and Exchange Commission, which is the final step required for the American listing. Flutter expects the process to be completed before the official opening of the market on January 29.
The decision to list in the US was first considered in February of the previous year as part of a broader plan for American growth. Shareholders approved the double listing at Flutter’s annual general meeting in April. The company has experienced significant growth in the US, primarily driven by the success of FanDuel, which was acquired in 2018 and has since become a major US supplier of igaming and sports wagering.
Flutter’s latest trading update showed a 25% annual increase in revenue for the fiscal year 2023, with US operations contributing £3.06bn. US operations now account for 37.9% of total income, up from 2022. The company also saw a 39% increase in US sports income and a 47% increase in gaming income on a constant currency basis, as well as a 38% growth in average monthly players to over 3.2 million.
CEO Peter Jackson commented on the company’s plans for FanDuel during a revenue call, stating that they are following a strategy to achieve success in the US over the next three years. He emphasized the company’s focus on fixing issues in the first year, achieving product parity in the second year, and getting ahead of the market in the third year.