Flutter Entertainment Moves Primary Listing to NYSE

Flutter Entertainment, the parent company of America’s leading sports betting platform, FanDuel, completed its official transfer of primary listing to the New York Stock Exchange on May 31. This move aligns with the company’s commitment made during its earnings call earlier in May.

After delisting from the Euronext Dublin exchange in January, Flutter has shifted its primary listing from the London Stock Exchange to the New York Stock Exchange. London will now serve as Flutter’s secondary listing, with New York becoming the company’s primary listing.

Peter Jackson, CEO of Flutter Entertainment, announced that today is a significant milestone in the evolution of Flutter as they begin their primary listing on the New York Stock Exchange.

Earlier this year, shareholders and management of Flutter approved a move with a 98% vote.

On Friday, Flutter Entertainment made headlines by announcing the immediate replacement of Paul Edgecliffe-Johnson with Rob Coldrake as the company’s CFO.

NYSE listing a logical move

Flutter Entertainment, the owner of top-tier online gambling sites globally, has shifted its focus to the U.S. market by prioritizing its FanDuel brand and relocating its primary listing to American territory.

The primary factor driving the switch is the significantly higher valuations the company can achieve on the American market compared to Europe. Access to the deep pockets of American investors also played a key role in making the decision to switch much simpler. Additionally, the online sportsbook offers top-notch sportsbook promotions.

FanDuel Underscoreg by Flutter remains one of our top sports betting sites, holding its position as the leading sportsbook in the U.S. with a 52% revenue market share in the first quarter of 2024.

Jackson stated that the relocation of our operational headquarters to New York aligns with the growing significance of the U.S. sports betting and igaming market for our company. He emphasized our strong presence in the U.S., where FanDuel is the leading operator, and expressed excitement for the next phase of our journey.

After news of Illinois’s proposed tax hike for providers sent Flutter Entertainment stock spiraling earlier in the week, the stock closed at $192.09 on Friday, showing a $4.19 or 2.23% improvement from the previous day.

About the CFO change

Paul Edgecliffe-Johnson resigned from his role as CFO of the Irish company due to Flutter’s increased focus on the U.S. market. One of the contributing factors to his decision was his inability to fulfill the time requirements in the U.S. because of family commitments in the U.K.

After the announcement, Rob Coldrake, who joined the company in 2020 and previously held the position of CFO at Flutter International, assumed his new role immediately.

Flutter Entertainment CEO Peter Jackson praised Coldrake, stating that during his four years at Flutter, he has proven himself to be an exceptional CFO. Jackson believes Coldrake’s skills and experience will benefit the company as they pursue significant opportunities.

John Bryant, Chairman of the Board, expressed his excitement about Rob’s appointment as Group CFO, highlighting the Board’s satisfaction in developing top talent internally. He also extended well wishes to Paul and thanked him for his contributions to the Group, looking forward to working with Rob and the team in the future.