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Flutter eyes secondary US listing by 29 January

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Flutter Entertainment said it is working towards listing its ordinary shares on the New York Stock Exchange (NYSE) by 29 January 2024.

The additional listing was first mooted back in February, with Flutter saying it would support wider US growth plans. Shareholders approved the dual listing at the company’s AGM in April and Flutter has been working towards the listing ever since.

Flutter must file its Form 20-F Registration Statement with the US Securities and Exchange Commission to progress. The aim is for its shares to launch on the NYSE, selected after a competitive tender process, on the final Monday of January 2024.

Flutter to exit Euronext Dublin

However, the NYSE launch will spell the end for Flutter trading on Euronext Dublin. Flutter has already notified Euronext Dublin of its intention to cancel its secondary listing on 29 January.

Flutter confirmed it would exit Euronext Dublin during its Q3 results announcement last month. At the time, Flutter said it is appropriate to maintain just two listings to minimise regulatory complexities.

The final day of trading of Flutter’s ordinary shares on Euronext Dublin will be 23 January. Trading will be suspended from close of business on that day to allow for the settlement of pending trades and repositioning instructions.

Shares to continue trading on London Stock Exchange 

The group also has a premium listing on the London Stock Exchange (LSE), where it appears in the FTSE 100 index. Flutter said its decision to launch on the NYSE will not impact the LSE listing FTSE 100 status.

The final day of trading of Flutter’s ordinary shares on Euronext Dublin will be 23 January. Trading will be suspended from close of business on that day to allow for the settlement of pending trades and repositioning instructions.

As such, Flutter’s shares will continue to trade on the LSE under the existing “FLTR” ticker symbol. From the point of the US listing, Flutter will trade on the NYSE under “FLUT”.

Ahead of the expected US listing next month, Flutter will publish a trading update. This is due for release on 18 January and will detail its 2023 financial year performance. Flutter is scheduled to publish its FY results in full on 26 March.,

Why the additional US listing?

Flutter has reported significant growth within the US in recent times 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 leading provider of sports betting and online casino in the US.

The US business is now the main source of revenue for Flutter. In Q3, US revenue reached £668m (€779m/$839m), up 11.7%. This was also £100m more than the next highest contributor – Flutter’s UK and Ireland business.

Speaking after Q3, CEO Peter Jackson said he is of the mindset that the US business can, and must, continue to grow. He also noted how Flutter was the first US online operator to reach structural profitability, with this landmark reached in H1.

The US business accounted for 32.8% of all revenue in Q3, with group revenue rising 7.6% to £2.04bn. Group sports betting revenue was 1.9% lower at £1.12bn, although this was more than offset by a 22.2% rise in gaming revenue to £914m.

US sports betting revenue was 10.0% higher on a constant currency basis. Stakes were up 40.0% but were offset by a 170-basis point decline in net revenue margin. This left net revenue growth of 12.0%.

As for igaming, revenue was up 52.0% on a constant currency basis. Market share for FanDuel’s igaming brand in Q3 increased to 23.0%, helped by a 42.0% rise in average monthly players.

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