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Flutter Entertainment starts trading in New York

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Dublin-based betting company Flutter Entertainment said today it will propose moving the primary listing of its shares from London to New York at the annual general meeting in May.

Subject to shareholders’ approval, the transition to a US primary listing is expected to become effective in late second quarter or early third quarter, the Paddy Power owner said.

Flutter’s New York Stock Exchange-listed shares made their debut today, while its secondary Dublin listing has been cancelled.

“We believe a US primary listing is the natural home for Flutter given Fanduel’s number one position in the US, a market which we expect to contribute the largest proportion of profits in the near future,” CEO Peter Jackson said in a statement.

The company, home to Paddy Power, Betfair and Sportsbet brands, has been planning a US listing since the start of last year after rapid growth in the business, which was the first to turn a profit since the lifting of a sports betting ban in the country in 2018.

“With our NYSE listing effective today, this is a pivotal moment for the group as we make Flutter more accessible to US based investors and gain access to deeper capital markets,” Peter Jackson, Flutter’s chief executive said.

“We believe a US primary listing is the natural home for Flutter given Fanduel’s number one position in the US, a market which we expect to contribute the largest proportion of profits in the near future,” he added.

Flutter generated sales of £3.6 billion ($4.59 billion) in the US last year, up from £191m ($243m) in 2018, when the US supreme court struck down a decades-old law that prohibited sports betting across much of the country.

While sports betting is now legal in 36 states and Washington DC, major states including Texas have yet to follow. But Flutter is confident they will.

California voters rejected the prospect in 2022, but the company described “multiple ongoing initiatives” to change the state’s stance in its filing. “The expectation is that legalised sports betting will be back on the ballot in the near future,” it stated.

Flutter’s shares will trade on the NYSE under the ticker symbol “FLUT”.

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