Flutter Entertainment to Debut on NYSE, Retains LSE Listing
Flutter Entertainment PLC Confirms Debut on the NYSE
Flutter Entertainment PLC, the parent company of Paddy Power, Betfair, and FanDuel, has officially announced its upcoming debut on the New York Stock Exchange (NYSE) slated for January 29. The company will be trading under the ticker symbol ‘FLUT’ while still maintaining its premium listing on the London Stock Exchange (LSE) with its existing ticker ‘FLTR’. This move comes as part of Flutter’s strategic expansion plans and will have no impact on its listing in London.
Reinforcing Presence in the US Market
Flutter’s decision to list on the NYSE is a testament to its anticipation of substantial revenue growth from its US operations, particularly its sports betting platform, FanDuel. This strategic move aligns with the company’s effort to solidify its position in the rapidly expanding US betting market.
Business Transition and Reporting Update
In preparation for its NYSE debut, Flutter will issue a trading update on January 18. Subsequently, January 23 will mark the final trading day for Flutter’s shares on Euronext Dublin before their suspension and eventual delisting. The company will also report its full-year results under US GAAP standards on March 26, reflecting its increasing focus on the American investor base and operations.
Challenges and Expansion
Despite its optimistic outlook, Flutter faced challenges in leveraging assets from its acquisition of Sisal, which included betting shops and regulated lotteries. The company also aimed to replace Camelot as the operator of the UK national lottery, losing out to Allwyn.
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