Flutter, the well-known betting company, has announced its intention to list on the New York Stock Exchange (NYSE) on January 29, while simultaneously retaining its premium listing status in London.
Formerly known as Paddy Power Betfair, the company is embarking on a secondary listing in the United States, with the possibility of pursuing a primary listing in the US at a later date.
This strategic move is in response to Flutter’s growing presence in the US market, where it anticipates generating more than 40% of its sales this year.
Despite its expansion across the Atlantic, Flutter reassured investors that its premium listing on the London Stock Exchange (LSE) and its inclusion in the FTSE 100 index will remain unaffected by the addition of the US listing.
In an official stock market statement released on Friday, Flutter clarified its stance: “Flutter’s shares will continue to trade on the LSE under its existing ticker symbol ‘FLTR.’ From the point of the US listing,
Flutter will also trade on the NYSE under the ticker symbol: ‘FLUT.'”
Flutter, the parent company of Sky Bet and PokerStars, is best known for its operation of FanDuel in the US.
The decision to terminate its secondary listing on Euronext in Dublin was explained by Flutter as a means to streamline its listings and minimize regulatory complexities.
Flutter believes that maintaining just two listings aligns with its corporate strategy and operational efficiency goals.
This move to list on the NYSE reflects Flutter’s commitment to capitalizing on the burgeoning US sports betting market.
The company has been expanding its reach through strategic acquisitions and partnerships, positioning itself as a major player in the US gambling industry.
With Flutter’s dual listing in London and New York, investors on both sides of the Atlantic will have the opportunity to participate in the company’s continued growth and success in the global betting and gaming market.
As the January 29 listing date approaches, market observers will be keenly watching Flutter’s performance and its impact on the company’s overall market positioning.