Flutter Shareholders Approve NYSE as Primary Stock Exchange

Article by : Erik Gibbs May 7, 2024

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Flutter Entertainment, a key player in the global gambling and entertainment industry, announced its strategic decision to relocate its primary listing from the London Stock Exchange (LSE) to the New York Stock Exchange (NYSE), marking a significant shift in its corporate structure and market presence.

The move, now endorsed by shareholders during Flutter’s Annual General Meeting (AGM) held in Dublin, demonstrated confidence in the company’s growth prospects and strategic direction.

This decision follows Flutter’s earlier announcement in January to delist its shares from the Irish Stock Exchange, Euronext Dublin, as part of a broader strategy to rationalize listing venues and streamline operational efficiencies.

By consolidating primary listings to the NYSE and LSE, Flutter will try to simplify regulatory obligations and optimize its corporate structure for enhanced agility and competitiveness in the global market landscape.

The transition is expected to be finalized by the end of May, aligning listing arrangements with evolving business priorities and growth trajectory.

While Flutter will maintain a secondary listing on the LSE, it will no longer be included in London’s FTSE indices. This shift aligns with the company’s strategic realignment towards the US and ambition to strengthen its foothold in the world’s largest gambling market.

Flutter’s fiscal year 2023 financial report revealed a robust performance, with a notable 24.6% increase in revenue. Particularly significant was the substantial growth in the US market, where FanDuel’s market leadership drove a remarkable 40.7% rise in revenue. This success reflects Flutter’s expansion efforts and strong positioning in the US sports betting landscape.

The momentum in revenue growth continued into 2024, with an impressive 55.6% increase in US revenue during the first 11 weeks of the year. Flutter’s sustained growth trajectory and the resilience of its business model seem to withstand amid evolving market dynamics and regulatory processes.

Simultaneously, the UK Gambling Commission reported a 5% increase in online total Gross Gambling Yield (GGY) for the fourth quarter of the latest financial year. This regulatory update further proves the ongoing growth and evolution of the online gambling market in the UK, a key operational jurisdiction for Flutter and other industry stakeholders.