Flutter Entertainment, an international online sports betting and iGaming operator that owns some of the world's biggest sports betting brands, such as FanDuel, has completed the move of its primary listing of shares from London to New York.
Flutter shareholders backed a proposal at the beginning of May to move the primary listing of its shares to the United States. This proposal comes only three months after Flutter, the biggest online betting company, added a secondary listing in the U.S. Flutter began trading on the NYSE in January.
"Today marks an important milestone in the evolution of Flutter with the commencement of our primary listing on the New York Stock Exchange," Flutter CEO Peter Jackson said in a statement.
"This closely follows the recent move of our operational headquarters to New York, with both reflecting the increasing importance of the U.S. sports betting and iGaming market to our business."
The proposal mirrors what other firms have done recently, moving out of European listings and opting for a primary listing of their shares in U.S. markets. This is primarily due to valuations being higher compared to Europe. Flutter's shares continue to trade on the London Stock Exchange, however.
CFO steps down
As a result of Friday's move, group finance head Paul Edgecliffe-Johnson, has officially stepped down from his former roles as Flutter group Chief Financial Officer and executive director. Rob Coldrake has been named as Flutter’s new CFO, effective Friday, due to the need to oversee the Irish-based company’s increased role overseas in the U.S. Coldrake has held the role of CFO for Flutter International since 2020, promising a smooth transition with this change in leadership.
"I am delighted that Rob will become our next Group CFO," said Jackson. "During his four years at Flutter, he has shown himself to be a CFO of exceptional caliber and his skills and experience will help us to take advantage of the significant opportunities before us."
With the surge of legalized sports betting in more than 20 states since PASPA legislation was overturned by the U.S. Supreme Court in 2018, the U.S. betting market has quickly evolved into the biggest revenue generator for Flutter. FanDuel and its brand are by far the most profitable under Flutter, which also owns Betfair, Paddy Power, PokerStars, Sky Betting & Gaming, and Sportsbet.
An overwhelming 98% of Flutter’s shareholders supported the resolution to move Flutter to a primary U.S. listing.
While Flutter's shares dipped in London following the announcement, shares closed at $187.90 in New York on Thursday.
