Last day of the month, first day of a new era, Flutter Entertainment has accelerated its transition to a U.S.-centric Omnichannel by formally shifting its primary listing to the New York Stock Exchange (NYSE).
The segue by the Irish-origin operator–founded in 2016 and parent of leading American sportsbook FanDuel, as well as storied bookies Paddy Power and top brands Sportsbet and betfair, among a cluster of other top iGaming platforms–will give the progressive Group direct access to the world’s deepest capital markets.
It also doubles down on their ambition to establish FanDuel, currently locked in fierce competition with Massachusetts-based DraftKings, as the uncontested Number One sportsbook in the U.S. and fuel the group’s equally challenging drive to break iGaming stateside.
Evolution
“Today marks an important milestone in the evolution of Flutter with the commencement of our primary listing on the New York Stock Exchange,” affirmed Flutter Entertainment CEO Peter Jackson (pictured below).
“This closely follows the recent move of our operational headquarters to New York, 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.”
Given Jackson’s focus on America; it remains to be seen how much longer Flutter–which enjoyed group revenue of £11.79 billion (US$14.99bn) last year–will remain secondary-listed on the waning London Stock Exchange.
Coldrake’s Progress
Contemporaneously, Flutter has also appointed Rob Coldrake, replacing Paul Edgecliffe-Johnson, as the group’s new Chief Financial Officer (CFO).
Coldrake, ex-TUI Travel and formerly with forensic accountants PwC, was promoted internally from his role as CFO of Flutter International, a post he held since joining the company in 2020.
“I am delighted that Rob will become our next Group CFO,” said Jackson.
“During his four years at Flutter, he has shown himself to be a CFO of exceptional calibre and his skills and experience will help us to take advantage of the significant opportunities before us.
Added Flutter Group Chair John Bryant: “The board welcomes the appointment of Rob as group CFO and is especially delighted we were able to develop such a high-quality executive within our own business.
Tax Hike
“We look forward to working with him and the team into the future.”
Certainly Flutter and all the other U.S. iGaming wannabes are going to need all hands on deck for the mother of all looming fights.
Increasingly, U.S. states are wanting bigger cuts of the vast sportsbook riches on offer.
Illinois, home of Windy City Chicago, for example, is now casting a beady eye at New York State’s 51 percent tax rate, and is looking to hike its own sportsbook levy from 15 percent, to up to 40 percent.
And surely it’s only a matter of time–and–money before a cascade of other state markets follow.
