US Investors Can Now Invest in FanDuel as Flutter Entertainment Makes NYSE Debut
Flutter Entertainment, the parent company of popular online sports-betting platform FanDuel, is set to make its debut on the New York Stock Exchange (NYSE) on Monday. This secondary listing will provide US-based investors with easier access to Flutter, as well as deeper capital markets opportunities.
Flutter Entertainment's Chief Executive, Peter Jackson, expressed his excitement about the NYSE listing, stating that it marks a significant milestone for the company. The stock will be traded under the ticker symbol FLUT.
Previously listed on the London Stock Exchange as FLTR in 2019, Flutter's American depositary receipts have been trading over the counter under the ticker symbol PDYPY, which reflects the company's previous name, Paddy Power Betfair.
While Flutter maintains its primary listing on the London Stock Exchange, plans are underway to shift it to the NYSE. A special resolution to propose this change will be presented to shareholders at the company's annual general meeting on May 1, 2024. Subject to approval, the transition is expected to occur in the late second or early third quarter.
According to Jackson, Flutter believes that a US primary listing is the perfect fit for the company due to FanDuel's dominant position in the US market. The US market is expected to contribute the largest share of profits in the near future.
Flutter Entertainment faces competition from prominent players such as DraftKings, ESPN Bet, MGM Resorts International, and Caesars Entertainment in the online sports betting industry. The NYSE listing comes just ahead of the highly anticipated Super Bowl on February 11, which will see the Kansas City Chiefs take on the San Francisco 49ers.
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