The owner of a major sports betting operator is preparing for a secondary listing in the United States.
Flutter Entertainment — the owner of FanDuel — is planning a public listing on the New York Stock Exchange in the first quarter of 2024. Flutter, which also owns gambling brands Paddy Power and Betfair, has submitted an application with the SEC that is expected to be approved.
As part of the transaction, Flutter will delist from Euronext Dublin to consolidate operations. The Ireland-based gaming giant will continue to offer shares on the London Stock Exchange.
In 2024, we’re bringing Flutter to one of the most exciting markets in the world, through an additional listing on @NYSE .
— Flutter plc (@FlutterPLC) November 9, 2023
The listing will bring opportunities to @FanDuel & benefits to the whole Flutter Family.
Together, we’re #ChangingTheGame, in the U.S. & across the globe! pic.twitter.com/Exhs72Pqlm
Flutter is planning to list on the NYSE following favorable third-quarter financial results.
"We are making good progress towards our U.S. listing which will bring the Group significant benefits from accessing the world's deepest and most liquid capital markets."
- Peter Jackson, chief executive
The company generated $2.5 billion in group revenue in Q3 2023 compared to $2.3 billion for the same period last year. Flutter attributed the growth to strong gaming performance figures and its $1.97 billion acquisition of Italian gaming brand Sisal, which boosted player growth.
Gaming revenue for Flutter reached $1.1 billion in Q3 2023 — a 22% increase year-over-year. Meanwhile, the company posted $1.3 billion in sports revenue during the quarter — down 2% compared to Q3 2022. Flutter, which has a market share of 47% across America due to FanDuel’s operations, expects U.S. revenue to reach $4.7 billion in FY2023 with adjusted earnings before interest, taxes, depreciation, and amortization of roughly $180 million.
