Flutter to shift primary listing to US by end of May
Shareholders overwhelmingly back move to swap London for New York after secondary listing across the pond back in January
Flutter Entertainment shareholders have given their overwhelming backing to switch the online giant’s primary listing from London to New York by the end of the month.
The Dublin-headquartered firm confirmed that following the conclusion of its AGM today, May 1, 98.24% of votes cast backed the move.
Flutter said it expects the proposed transfer to the New York Stock Exchange (NYSE) to take effect on May 31.
This timeline would represent more than 20 business days after the passing of the special resolution, which is line with listing rules as detailed by the Financial Conduct Authority (FCA) in the UK.
A primary listing by the end of May would represent a swift transition after Flutter listed its shares on the NYSE on January 29 as part of an initial secondary listing.
At the time, the group said it hoped a transition to a primary listing in the US could come about as soon as late Q2, or failing that, early Q3.
Flutter will retain its shares on the London Stock Exchange as a secondary listing, with the switch from the FCA’s listing category of premium listing to standard listing.
The move onto the US exchange has already meant the Paddy Power and Sky Bet parent company has departed the Euronext Dublin.
Flutter’s decision to ditch London in favour of New York comes as its US-facing FanDuel brand continues to shine as the jewel in the operator’s crown.
US revenue in full-year 2023 landed at $4.5bn, up 40.7% year on year (YOY), in a segment dominated by FanDuel.
A 45.9% YOY jump in sports betting revenue was also recorded, with FanDuel, according to Flutter, the leading sportsbook operator in the US with an NGR market share of 53.4% and a GGR market share of 43.2% for the final three months of 2023.
The brand also acquired more than 3.7 million new customers in 2023, a 19% increase, while gaming revenue leapt 47.2% on the back of a 41.9% surge in actives for the vertical.
After initially trading under the ticker symbol FLUT on the NYSE at $212 per share, Flutter’s US stock has fallen to a little over $185 at the time of writing.
The company’s shares in London are up around 7% so far this year to £149.