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Flutter Entertainment has suspended trading on Euronext Dublin ahead of its planned listing on the New York Stock Exchange.

The FanDuel operator confirmed its shares will be delisted from the Irish stock exchange at 8am on 29 January, the same day it will dual list shares on the NYSE.

The final remaining step required to list on the US exchange is to migrate the settlement system of its shares from Euroclear Bank to the Depository Trust Company, Flutter said.

This has already been approved by shareholders at the company’s 2023 annual general meeting and is expected to complete by 6am GMT on 29 January.  

Flutter shares to remain on LSE

The company previously announced that the 24 January suspension of trading on Euronext Dublin is to allow for the settlement of pending trades, as well as repositioning instructions ahead of the US listing.

Flutter shares will also remain available on the London Stock Exchange. To minimise regulatory complexities, the operator has said it will retain only two listings.

In London, the operator’s ticker symbol will continue as FLTR, but it will use the FLUT symbol for its NYSE listing.

However, Flutter has also stated that “the group may pursue a primary US listing in due course”. This comes as an increasing share of the company’s revenue originates from North America.

FanDuel, its US-facing DFS, online sports betting and iGaming brand, is ranked as the number one sports betting and number two online casino operator in the market.

In its preliminary Q4 2023 financial results, Flutter said it currently holds 43% of the country’s sports betting market, as well as a 26% iGaming market share.

The company also reported its US revenue grew £1.14bn in Q4, up 26% compared to 2022. This was driven by a 33% uptick in average monthly players to approximately 4 million, and occurred despite adverse sporting results in the quarter.

Flutter will now report its financial results using US GAAP, commencing with full-year results on 26 March 2024.

Rationale for dual listing

Since Flutter’s 2018 acquisition of FanDuel, the business has grown to be among the most successful US sports betting and iGaming operators.

This means American revenue has become an increasingly large fraction of the business’ overall takings.

In February 2023, Flutter outlined the potential strategic and capital market benefits of a dual US listing to its shareholders.

These included an enhanced US profile, better recruitment and retention of US talent, as well as the ability to tap into deeper capital markets.

The company added it also gave the business the option of pursuing a primary US listing in due course. This is one of the criteria to access some important US indices.

In March the same year, NEXT.io investigated why Flutter wanted a dual listing. One analyst said that for a tech business with a strong American audience, a US stock listing was a “damn sight more attractive than the UK.”

Flutter opted to choose the NYSE over the Nasdaq for its listing in November 2023.

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