British gaming giant Flutter Entertainment has completed a secondary listing of the company’s ordinary shares on the New York Stock Exchange, with trading having commenced at 9.30am Eastern Time on Monday. This followed cancellation of its previous secondary listing on the Euronext Dublin, while the company has retained its premium listing on the London Stock Exchange.
Flutter operates many of the world’s largest online betting sites including Fanduel, Betfair, Paddy Power, leading online poker site PokerStars and Australia’s market leading sportsbook Sportsbet.
In a statement, Flutter said it believes the new NYSE listing will unlock long-term strategic and capital market benefits by enhancing the group’s profile in the US, better enabling the recruitment and retention of US talent, opening up access to much deeper capital markets and new US domestic investors, and providing greater overall liquidity in Flutter shares.
As such, it also revealed plans to transition to the NYSE as the company’s primary listing of its shares, with a proposal to be put to shareholders as a Special Resolution at the 2024 AGM on 1 May 2024.
Following transition, Flutter’s Board intends to retain the UK listing as a secondary listing to ensure the greatest number of investors are able to continue to hold Flutter shares and benefit from future value creation, it explained.
“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,” said Flutter CEO, Peter Jackson.
“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.”