Flutter Entertainment, the parent company of PokerStars, FanDuel and others, has officially commenced trading on the NYSE under the ticker symbol “FLUT.”
The gambling giant listed on the New York Stock Exchange on Monday and while doing so announced its intent to make the exchange its “natural home” amidst the flourishing landscape of online sports betting in the US.
North America has been good to the company so far, with Flutter generating sales of £3.6bn ($4.59bn) in the United States last year, a huge increase to the 2018 result of £191m ($242m), the year the US Supreme Court decided to overturn a long-standing law prohibiting sports betting across much of the country.
As part of its strategic shift, Flutter plans to go beyond the New York listing and switch its primary listing from London to New York, a move it is keen to carry out “as soon as practicable.”
FanDuel, along with main rivals DraftKings and BetMGM, has been at the forefront of the competitive race to dominate the emerging US online gambling market.
Flutter’s CEO, Peter Jackson, anticipates that the US market will soon contribute “the largest proportion” of the company’s profits. With the NYSE listing effective immediately, Jackson sees this as a pivotal moment, making Flutter more accessible to US-based investors and broadening its access to deeper capital markets.
The potential shift of Flutter’s primary listing from London would likely lead to its exit from the FTSE 100 stock index, a decision to be presented to shareholders in May. Previously listed on the London Stock Exchange and headquartered in Dublin, Flutter had already said goodbye to the Dublin stock market to join the New York Stock Exchange, enhancing its profile and financial prospects across the pond.
