Flutter Affirms America Success By Listing On NYSE
Flush with the success of its America-centric FanDuel offering, the market leader and first digital sports book in the United States to go into profit, Flutter Entertainment today (December 8) confirmed it is to dual list on the New York Stock Exchange (NYSE) before the end of January this coming New Year.
Irish-origin Flutter–the world’s biggest iGaming operator and owner of many storied betting brands, among them Paddy Power, Betfair and PokerStars–has targeted January 29 as the auspicious day for its US share launch.
Already a mainstay of the top FTSE-100 listing on the London Stock Exchange, Flutter Entertainment was founded in the Eire capital, Dublin, in 2016.
It has been helmed by the brilliant gambling general Peter Jackson since 2018, and will simultaneously de-list from the Irish Stock Exchange, the Euronext Dublin, when its US shares go on offer on the Wall Street floor.
“[A US listing will]bring the group significant benefits from accessing the world’s deepest and most liquid capital markets,” Flutter CEO Jackson said last month.
“[Our] premium listing on the London Stock Exchange, and inclusion in the FTSE-100 index, will not be affected by the addition of this US listing,” the company affirmed today.
“Flutter’s shares will continue to trade on the LSE under its existing ticker symbol: FLTR. [We] will also trade on the NYSE under the ticker symbol: FLUT.”
FanDuel has emerged as the leader of the US online sports betting field, ahead of DraftKings and the Entain-MGM Resorts International joint-venture BetMGM, since it first launched in the state of New Jersey on September 1 2018.
It is now operating in mostly all of the 30-odd US states where online sports betting has been ratified since the repeal of the The Professional and Amateur Sports Protection Act (PASPA) of 1992 by the US Supreme Court in 2018.
FanDuel reported Revenue of US$668 million in Q3 (£532.19m) — up 20 percent, year-on-year.
Parent Flutter, meantime, has also been pressing ahead with international expansion, buying Italy-dominant Sisal in August 2022 and purchasing a controlling stake in top Serbia brand MaxBet in September this year.
The US is now, indubitably, a key driver of growth for the business, which, moreover, is leading across several progressive metrics, notably Compliance, Responsible Gambling and Social Welfare .
“We are particularly pleased by the great progress we are making in the US,” CEO Jackson told iGamingFuture.
“We are the first online operator [in the US] to achieve structural profitability, and the strong ramp in EBITDA during 2023 will continue into 2024 and beyond, as our profit margins expand materially.”