Flutter Entertainment have announced plans to shift their primary listing from London to New York City. The move is intended to help the sports betting and iGaming operator focus on the company’s core markets.
It will also help Flutter capitalise further on the ever-growing US market – and help attract new retail investors. A vote is pencilled in for May 1 which will determine if the move gains approval.
Flutter Entertainment New York City Move
The potential move from London to New York City is considered a strategic ploy to help Flutter Entertainment consolidate their strong position in the US market.
The parent company of FanDuel already holds a prominent position across the pond. They are one the leading online sports betting brand in the states.
In terms of market capitalisation, Flutter are already one of the world’s largest online gambling groups. Currently, they hold a secondary listing on the New York Stock Exchange.
A move to the US would help resonate with investors – especially after Flutter’s 24.6% increase in annual revenue for 2023. FanDual in particular delivered positive adjusted EBITDA for the first ever time.
Sustained Growth In The US Market
Over the course of the next six years, the US online gambling industry is predicted to grow by approximately 12%. The likes of Entain and Draftkings are already reaping the benefits.
With that in mind, competition does remain fierce from the likes of newbies ESPN BET. Flutter’s CEO Peter Jackson recognises the significance of the US retail investor base.
“We have FanDuel, and we want to make sure our customers are able to buy shares in the company that owns their favorite entertainment provider,” he said.
Naturally, Flutter will have to take into consideration the complicated regulatory environment of the US. At the time of writing, shareholders are likely to vote in favour of the move owing to the benefits that are presented.
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