Flutter Entertainment Now Live on the NYSE
LISTEN TO THIS ARTICLE:Flutter Entertainment celebrated a significant milestone on Monday as it commenced trading on the New York Stock Exchange. The move comes amidst a vigorous sports betting surge in the US, where various bookmakers, including prominent names like DraftKings and BetMGM, are fiercely vying for supremacy in the rapidly expanding market.
Grabbing Control of the US Market
For Flutter, a Dublin-based company, the NYSE listing under the ticker FLUT marked a "pivotal moment" in its trajectory, aligning with its strategic plans to further expand its operations in the US. The company's position in the American market soared after the Supreme Court dismantled a longstanding law restricting sports betting across a substantial portion of the country in 2018. Notably, Flutter's US revenues skyrocketed from $243 million in 2018 to $4.59 billion last year, constituting approximately 40% of its overall sales.
Outlined in its regulatory filing, Flutter, which owns FanDuel, PokerStars and other online gaming platforms, envisions a "long runway" for future growth. However, the company also acknowledged that forthcoming regulatory developments in the industry could be significantly shaped by concerns related to problem gambling.
The historic 2018 US Supreme Court ruling that nullified the anti-sports betting laws (PASPA) has left an indelible impact on Flutter. CEO Peter Jackson has even contemplated designating May 18, the day of the groundbreaking PASPA ruling, as a company holiday.
Formerly known as Paddy Power Betfair, Flutter is dual-listed on the London Stock Exchange. The decision to list on the NYSE is strategic, aimed at enhancing the company's visibility and unlocking access to broader investment opportunities in the dynamic US market. It was previously available to US investors only as an over-the-counter market trading option.
US Online Betting on the Rise
The trajectory of online sports betting in the US has been consistently upward since the market opened up in 2018. According to Statista, the sector is poised to generate revenues of $9.65 billion in 2024. With an anticipated annual market growth of 13.03%, the market volume is projected to reach $15.75 billion by 2028.
The user base for online sports punters is also expected to experience robust growth, with an estimated 52 million active users projected by 2028. The average revenue per user is forecasted to climb to $256.60, underscoring the lucrative nature of the burgeoning online sports betting industry in the US.
As Flutter Entertainment embraces its new status on the NYSE, it positions itself to ride the wave of this dynamic and expanding market, capitalizing on the ongoing sports betting boom in the country.
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