Flutter exits Euronext Dublin ahead of US listing
Shares halted trading on Euronext Dublin yesterday (23 January) and are set to be delisted on 29 January. This is the same day Flutter expects to list on the NYSE in the US.
Flutter ordinary shares remain eligible for and continue to trade on the main market of the London Stock Exchange (LSE). Listing in the US will not impact trading in London.
The group trades on the LSE under the FLTR ticker symbol, while its NYSE ticker has already been confirmed as FLUT.
Ordinary shares will also launch on the NYSE, subject to the US Securities and Exchange Commission approving its Form 20-F Registration Statement. This approval is the only remaining step required for the US listing.
Flutter expects this process to complete ahead of the market opening on 29 January.
Why is Flutter listing in the US?
The US listing was first mooted in February 2023, with Flutter saying it would support wider US growth plans. Shareholders approved the dual listing at Flutter’s AGM in April and the group has been working towards the listing ever since.
Flutter has reported significant growth within the US in recent years due to the success of FanDuel. Acquired in May 2018, while the brand was still a daily fantasy sports operator, FanDuel has grown to become a major US provider of sports betting and igaming.
Ahead of the Euronext Dublin delisting and subsequent US listing, Flutter last week posted a trading update for 2023. This included further evidence of its ongoing growth in the US.
Group revenue for the 12 months to 31 December was 25% higher year-on-year at £9.51bn (€11.01bn/$12.09bn) for its 2023 financial year. This, Flutter said, was driven by a 38% rise in revenue from operations in the US to £3.06bn.
As was the case in 2022, US operations remain the primary revenue source for the group, drawing 37.9% of all revenue. Based on growth in previous year, this share only looks set to increase in 2024 and beyond.
On a constant currency (CC) basis, US sports revenue jumped 39% while gaming was 47% higher. Flutter also noted a 38% increase in average monthly players to more than 3.2 million.
Flutter eyes further US growth
Speaking in an earnings call after the update, Flutter CEO Peter Jackson outlined a three-year strategy for success in the US. He said Flutter plans for FanDuel to complete a race to the finish line in the final year.
“From an igaming perspective, we’re following the strategy we laid out at the capital markets day,” Jackson said.
“We said in the first year there were things that were broken that we were going to fix. We said in the second year we’d get to product parity and in the third year we’re going to get ahead of the market.”