Flutter Entertainment has revealed it has halted trading on Ireland’s Euronext Dublin just ahead of its projected debut on the NY Stock Exchange (NYSE) that will take place during coming week.
Trading halt:
Yesterday, January 23rd, Flutter’s shares officially stopped trading as noted above and are due to be removed on January 29th. In addition, on January 29th, Flutter hopes to be officially listed on the aforementioned NY Stock Exchange in America.
However, the ordinary shares of the company stay eligible and continue to trade undisturbed on the primary market of the London Stock Exchange (LSE). In addition, the aforementioned listing in America won’t have any effect on trading on the LSE.
The company trad phl63 es on the London Stock Exchange under the ticker symbol, FLTR. Relatedly, the ticker symbol for the New York Stock Exchange has already been approved and is FLUT.
Furthermore, the common shares will also be listed on NYSE, under the condition that US Securities and Exchange Commission validates its Form 20-F Registration Statement. In that sense, this validation is the last step requested for the American listing.
In addition, the company anticipates that this entire process will be finished before the official opening of the market, which will take place on January 29.
Reasons for Flutter to list in the US:
The American listing was initially considered during February of the previous year, and the company said it would back up broader American growth plans. In this sense, shareholders validated the double listing at Flutter’s annual general meeting (AGM) held in April, which has the company working hard on it.
Relatedly, the company has seen a remarkable growth in the America during recent several years. The main reason for this was the positive result of FanDuel. Purchased during May 2018, while the brand’s leading field was fantasy sports, Fanduel has experienced incredible growth and became a significant US supplier of igaming and sports wagering.
Prior to the aforementioned delisting from Euronext Dublin and the following listing in the US, the company last week published an update on trading for the past year. This involved additional proof of its ongoing expansion in America.
As for income for the 12 months period to December 31, it increased 25% annually at £9.51bn for its FY23. In this regard, the company stated growth was urged by an increase in income from its US operations to £3.06bn.
Similar to 2022, the main source of the income for the company is its US operations, which contribute 37.9% of total income. Based on the increase in 2023, it looks like that this share will raise in 2024 and later.
When it comes to the constant currency (CC) basis, US sports income experienced an increase of 39%, and gaming income also increased by 47%. The company also saw a growth of 38% in average monthly players to over 3.2mln.
Flutter wants further US growth:
Following the trading update mentioned above, commenting on it during the revenue call, Peter Jackson, CEO of Flutter, talked about the 3-year plan for the triumph in the US. He commented on the company’s plans for FanDuel to “finish a race to the finish line” in the last year.
In this sense, he added according to the source: “From an igaming perspective, we’re following the strategy we laid out at the capital markets day. 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.”
