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Traders work on the floor of the New York Stock Exchange as we examine Flutter Entertainment's move to the New York Stock Exchange.
Traders work on the floor of the New York Stock Exchange 06 January 2005 in New York City. Stock prices rose, snapping a three-session losing streak to post their first gains of 2005, gaining about 25 points at closing. Photo by Stephen Chernin/Getty Images via AFP.

Flutter Entertainment, the parent company of U.S. legal sports betting behemoth FanDuel, is looking to seize on its momentum and presence in the fast-growing American market and has announced its intention to list the company on the New York Stock Exchange. FanDuel is one of our best sportsbooks.

"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," Flutter CEO Peter Jackson told investors during the company's third-quarter earnings call. “Overall, the significant potential for U.S. growth and ability to leverage scale benefits across our diversified portfolio outside of the U.S., underpins our confidence in our significant and sustainable long term earnings growth potential.”

The target date for the New York Stock Exchange listing is Jan. 29, 2024 — just about two weeks before the biggest single-day sporting event on the American calendar — the Super Bowl. Many American bettors will participate in Super Bowl betting using our best sportsbook promos.

At that time, Flutter Entertainment will adopt the symbol "FLUT" to trade under.

Leaving one exchange, joining another

Flutter Entertainment is listed on two global stock exchanges: the London Stock Exchange and Euronext Dublin. It is expected that Flutter will pull out of Dublin, the company's home-city stock exchange, when it lists in New York, as part of its efforts to remain active on just two global exchanges at one time.

According to a statement released by Flutter: "As previously communicated, Flutter believes that it is appropriate to maintain just two listings to minimise regulatory complexities and has notified Euronext Dublin of its intention to cancel its secondary listing on Euronext Dublin with effect from 8.00 am (GMT) on Monday, 29 January 2024. The last day of trading of Flutter’s ordinary shares on Euronext Dublin will be Tuesday 23 January 2024, with trading suspended from close of business on that day to allow for the settlement of pending trades and repositioning instructions, in advance of effectiveness of the US listing.”

Targeting American investors

Flutter Entertainment owns 95% of FanDuel, which owns about a 40% market share in the bustling U.S. legal sports betting industry. FanDuel is currently America's top sports betting destination, closely followed by DraftKings, another of our best sports betting apps.

The decision to list on the New York Stock Exchange seems like an apparent move to take advantage of FanDuel's enormous profile and gain access to wealthy American investors looking to add a sports betting operator to their portfolios. The American market is a deep and lucrative one.

FanDuel's overall sports betting handle in the American market and the gross gaming revenues associated with their overall wagering product make the company an attractive target for investors.

Unfortunately, because Flutter Entertainment is headquartered in Dublin, the company cannot be listed on the S&P 500 or the Nasdaq.

It is a possibility that Flutter Entertainment could spin off FanDuel as a separate entity in the creation of “The FanDuel Group,” as has been rumored in the recent past. If that company is based in the U.S., it will be eligible to list with more North American exchanges.