Flutter Entertainment Announce Plans to Move to NYSE
Shareholders of Flutter Entertainment have voted to move its primary stock exchange listing to New York.
Flutter Entertainment moves to the New York Stock Exchange.
LISTEN TO THIS ARTICLE:The decision, which was voted on at the company’s annual general meeting, is widely viewed as a serious setback for London’s stock exchange and the move is expected to be finalized by the end of this month.
Flutter Shifting Focus to US Market
The vast majority, 98%, of shareholders voted in favor of the move. In the past, Flutter’s chief executive, Peter Jackson, has referred to the US as its “natural home” and he emphasized that more than half of the company’s shareholders are already based in the US.
A number of multinational corporations have made the move to US exchanges in recent times due to the appeal of larger valuations and more liquidity. This and the success of FanDuel in the US online gambling market were key factors in Flutter’s decision to move.
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FanDuel’s Success in the US
Since the legalization of sports betting in the US in 2018, FanDuel has been growing from strength to strength. It is expected that US earnings will account for close to half of all earnings this year and Flutter’s move to New York is a sign of its commitment to expansion in the US market. In fiscal year 2023, FanDuel saw a 45.9% increase in sports betting revenue in the US.
Flutter does face competition in the US from companies such as DraftKings, yet it secured 3.7 million new players last year, helping to boost revenues and consolidate its position in the market.
At the start of this year, Flutter said that it expects group revenue growth of 17.5% this year and further adjusted EBITDA (adjusted EBITDA without share-based compensation) is forecast to grow 30.2% in 2024.
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