Flutter Entertainment is advancing its plans to list additional shares in the US, with an anticipated launch on the New York Stock Exchange (NYSE) in the first quarter of 2024. This move comes after the company submitted a draft registration statement to the Securities and Exchange Commission (SEC) in the third quarter of 2023.
New York Stock Exchange Selected for US Listing
Flutter has chosen the NYSE for trading its additional ordinary shares, a decision made following a competitive tender process. In line with this new strategy, the company has resolved to cancel its listing on Euronext Dublin to simplify its regulatory obligations. The Euronext delisting is expected to occur either simultaneously or just before the initiation of the US listing. Despite this change, Flutter’s premium listing on the London Stock Exchange and its inclusion in the FTSE 100 will remain intact.
Consideration of a Primary US Listing
Flutter has indicated that a primary US listing might be pursued eventually, prioritizing it over the UK. However, this potential shift would involve a thorough consultation with shareholders. The company stated, “We believe an additional US listing of Flutter’s ordinary shares will yield a number of long-term strategic and capital market benefits,” underscoring their commitment to expanding their market presence.
Strategic Implications of the US Listing
The decision to dual list in the US, first announced in November 2022, aligns with the success of Flutter’s FanDuel brand. FanDuel has been a frontrunner in the US market, particularly in Gross Gaming Revenue (GGR). For Q3 2023, Flutter’s US division, spearheaded by FanDuel, reported a 12% revenue increase to £668 million. This growth in the US market is a key driver behind Flutter’s decision to strengthen its presence through a US listing.