Flutter selects New York Stock Exchange for US listing in Q1 2024
The additional ordinary shares are set to be traded on the New York Stock Exchange, which the operator selected as a preferred trading venue following a competitive tender process.
As a result, Flutter has taken the decision to cancel its listing on Euronext Dublin.
The board believes it is appropriate to maintain just two listings in order to minimise regulatory complexity.
The Euronext delisting is expected to take effect simultaneously with, or shortly prior to, the additional US listing.The operator’s premium listing on the London Stock Exchange, and its membership of the FTSE 100, will not be affected by the Euronext cancellation.
Flutter reiterated that it may choose to pursue a primary US listing in due course ahead of the UK, although any switch would be subject to a shareholder consultation.
US listing rationale
Flutter first announced its intention to dual list shares in the US back in November 2022.
The move makes strategic sense for the company considering the success of its FanDuel brand, which was considered the US market share leader in GGR terms until very recently.
FanDuel remains the jewel in the Flutter portfolio, as the flagship brand in a US division that reported a 12% revenue rise to £668m for Q3 2023.
“We believe an additional US listing of Flutter’s ordinary shares will yield a number of long-term strategic and capital market benefits,” said the company at that time.
In March, NEXT.io investigated why Flutter was keen to secure a US listing, as one analyst suggested the market was “a damn sight more attractive than the UK”.