Flutter Entertainment PLC Announces Transition to US Primary Listing Complete
Flutter Entertainment PLC (NYSE:FLUT) has completed the transition of its primary listing to the New York Stock Exchange (NYSE) as of May 31, 2024.
The company's shares remain eligible for trading on the London Stock Exchange (LSE) under the Standard Listing segment. This transition follows shareholder approval at the Annual General Meeting on May 1, 2024.
CEO Peter Jackson highlighted that the move, along with the recent relocation of operational headquarters to New York, underscores the growing importance of the US sports betting and iGaming market for Flutter. FanDuel, a Flutter brand, is the leading operator in the US market.
- Completed primary listing transition to NYSE.
- Shares remain tradable on LSE under Standard Listing.
- Shareholder approval at AGM enhances corporate governance.
- US market focus highlighted, with FanDuel as a market leader.
- Transition to Standard Listing on LSE may reduce investor confidence.
- Potential risk of dual-listing complications.
Insights
The transition of Flutter Entertainment to a primary listing on the New York Stock Exchange (NYSE) signifies a strategic move to capitalize on the rapidly growing US sports betting and iGaming market. This shift reflects Flutter's intention to attract more US-based investors and leverage its strong position with FanDuel, a leading player in the US market. By relocating its listing, Flutter can potentially benefit from higher liquidity, broader investor base and possibly enhanced valuation multiples compared to the London Stock Exchange (LSE).
From a financial perspective, listing on the NYSE can bring increased visibility and credibility within the US, which is important as regulatory landscapes evolve. The recent decisions by the shareholders highlight strong support for the management's vision. The operational headquarters' relocation to New York aligns with this strategic direction, further integrating Flutter into the US market ecosystem.
However, it's essential to consider the costs and complexities associated with maintaining dual listings and the transition itself. Investors should also be aware of potential regulatory implications and compliance requirements that may arise with the listing change.
Overall, this move is strategically sound and aligns well with the company's growth objectives in the US market.
Flutter Entertainment's decision to transition its primary listing to the NYSE underscores the increasing significance of the US sports betting and iGaming market. The US market has seen exponential growth following the legalization of sports betting in numerous states. By listing on the NYSE, Flutter is positioning itself at the heart of this market, enhancing its ability to tap into US investor interest and support.
Notably, the move can be seen as a reflection of the company's confidence in its growth prospects within the US, particularly through its FanDuel brand, which holds a dominant position. This could potentially lead to better investor perception and increased market share as the company becomes more integrated with US financial markets and regulatory infrastructure.
For retail investors, this means Flutter is likely aiming for increased exposure and growth in a very lucrative and expanding market. However, investors should stay mindful of the potential risks, such as market saturation and regulatory challenges that can impact future performance. The dual listing strategy could also introduce complexities in terms of trading and regulatory compliance.
This strategic pivot to the NYSE highlights Flutter's commitment to leveraging its strengths in a high-growth market.
DUBLIN, IRELAND / ACCESSWIRE / May 31, 2024 / Flutter's primary listing now on the New York Stock Exchange
Flutter Entertainment plc ("Flutter" or the "Company") (NYSE:FLUT)(LSE:FLTR) announced today that its primary listing is now on the New York Stock Exchange ("NYSE"). This follows the transfer of the Company's listing category on the Official List of the Financial Conduct Authority from "Premium Listing (commercial company)" to "Standard Listing (shares)" as of 08.00 a.m. BST / 03.00 a.m. ET today. The Company's shares remain eligible for and continue to trade on the Main Market of the London Stock Exchange ("LSE") on the Standard Listing segment.
Today's announcement follows the passing of the relevant resolution by shareholders at the Company's Annual General Meeting held on May 1, 2024.
Peter Jackson, CEO of Flutter Entertainment, said:
"Today marks an important milestone in the evolution of Flutter with the commencement of our primary listing on the New York Stock Exchange. This closely follows the recent move of our operational headquarters to New York, with both reflecting the increasing importance of the US sports betting and iGaming market to our business. We have a fantastic position in the US, with FanDuel the clear number one operator, and we look forward to this next step on our journey."
Listing changes
As previously announced, since February 2023, management has engaged widely with U.S. investors, existing and potential, along with existing shareholders globally. The feedback received has been very supportive of moving Flutter's primary listing to the United States. The first step in this process was achieved on January 29, 2024, with the additional listing of Flutter's ordinary shares on the NYSE. On May 1, 2024, shareholders passed the special resolution to transfer Flutter's listing category from a Premium Listing to a Standard Listing on the LSE, which has taken effect today. Hereafter, Flutter's primary listing will be on the NYSE.
About Flutter Entertainment plc
Flutter is the world's leading online sports betting and iGaming operator, with leading positions in markets across the world, including the US. Our ambition is to leverage our significant scale and our challenger mindset to change our industry for the better. By Changing the Game, we believe we can deliver long-term growth while promoting a positive, sustainable future for all our stakeholders. We are well-placed to do so through the distinctive, global competitive advantages of the Flutter Edge, which gives our brands access to group-wide benefits to stay ahead of the competition, as well as our clear vision for sustainability through our Positive Impact Plan.
Flutter operates a diverse portfolio of leading online sports betting and iGaming brands including FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, Tombola, Betfair, MaxBet, Junglee Games and Adjarabet. We are the industry leader with
Forward-looking statements
This press release may include forward-looking statements. These forward looking statements can be identified by the use of forward looking terminology, including the terms "outlook," "believe(s),"expect(s)," "potential," "continue(s)," "may," "will," "should," "could," "would," "seek(s)," "predict(s)," "intend(s)," "trends," "plan(s)," "estimate(s)," "anticipates," "projection," "goal," "target," "aspire," "will likely result" and other words and terms of similar meaning or the negative versions of such words or other comparable words of a future or forward-looking nature. These forward-looking statements include all matters that are not historical facts and include statements regarding Flutter's or its affiliates' intentions, beliefs or current expectations concerning, among other things, Flutter's or its affiliates' results of operations, financial condition, liquidity, prospects, growth, strategies and the industries in which they operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Readers are cautioned that forward-looking statements are not guarantees of future performance and that Flutter's or its affiliates' actual results of operations, financial condition and liquidity, and the development of the industries in which they operate may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if Flutter's or its affiliates' results of operations, financial condition and liquidity, and the development of the industries in which they operate are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.
Enquiries
Company Secretary: Cosec@flutter.com
Investor Relations: Investor.relations@flutter.com
Media Relations: corporatecomms@flutter.com
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SOURCE: Flutter Entertainment PLC
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FAQ
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