Flutter Entertainment Begins Primary Trading on New York Stock Exchange
Flutter Entertainment, parent of FanDuel, PokerStars, and Betfair, began primary trading on the New York Stock Exchange on January 29, 2024 under the ticker FLT, while maintaining its existing London Stock Exchange listing.
Key Takeaways
- Flutter Entertainment began NYSE trading on January 29, 2024 under ticker FLT
- Flutter maintained its existing primary listing on the London Stock Exchange
- The NYSE listing reflects Flutter's strategic focus on the fast-growing US gambling market
- FanDuel held the leading market share position in US online sports betting at the time of listing
- The dual-listing provides Flutter access to US institutional investors and greater analyst coverage
Why It Matters — Players
Why It Matters — Operators
Flutter Entertainment began trading on the New York Stock Exchange on January 29, 2024 under the ticker symbol FLT, adding a US primary listing while retaining its existing primary listing on the London Stock Exchange. Flutter is the parent company of FanDuel, the leading US online sports betting and daily fantasy sports operator by market share; PokerStars, one of the world's largest online poker platforms; Betfair, the UK's leading betting exchange; and Paddy Power, among other brands.
The NYSE listing followed shareholder approval in late 2023. Flutter's board presented the US listing to shareholders as strategically important given that FanDuel and the US market had become Flutter's largest single revenue contributor. Listing on the NYSE gives Flutter access to US institutional investors and US-based index funds, which may not be able to own London-listed shares. It also increases the company's analyst coverage from US investment banks and provides greater visibility among US institutional capital allocators.
Flutter's NYSE dual-listing gave US investors direct equity exposure to the domestic online sports betting market through a single stock, at a time when the US legal gambling expansion remained a major investment theme. FanDuel held the leading US online sports betting gross gaming revenue market share position at the time of the NYSE listing, ahead of DraftKings and other operators.
The January 29 first-day trading session attracted significant attention from US financial media, given Flutter's position as the parent of the most-recognised brand in the fast-growing US sports betting market. The dual-listing structure means Flutter shares trade in both GBP on the London Stock Exchange and USD on the NYSE.
- Source:
- Reuters
- Published:
- January 29, 2024
- Original Article:
- View Source
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