Flutter shareholders vote to move primary listing to NYSE
With resounding support from 98% of its shareholders during the company’s Annual General Meeting (AGM), Flutter Entertainment is poised to shift its primary listing to the New York Stock Exchange (NYSE).
This relocation, slated to be finalized by the end of May, is emblematic of the company’s robust growth trajectory and the evolving landscape of global markets, as outlined in the AGM. This development aligns with a broader trend noted by the UK financial press, wherein public companies are opting to transfer their primary listings from London to New York.
Flutter initially debuted on the NYSE to great acclaim in January under the ticker symbol FLUT, following an announcement made in December that it was actively pursuing a listing of its shares on the NYSE by January 29, 2024.
Industry analysts view the listing as a pivotal moment for investment in the US sports betting sector. As emphasized by senior analyst at H2 Gambling Capital, Ed Birkin, the decision is strategically sound. Typically, stocks listed in the US command significantly higher valuations than those on the London Stock Exchange.
Flutter’s ownership of FanDuel, which enjoys considerable market dominance in the US, already imbues the company with substantial value.
Birkin notes:
There are few avenues for US investors to gain substantial exposure to the burgeoning US online sports wagering or iGaming market, with DraftKings being the primary option.
Despite not being solely focused on the US online market, Flutter holds considerable stake in it, which is poised to attract genuine interest from investors.
With only seven US states having launched iGaming initiatives thus far, significant opportunities for growth remain untapped.
Birkin also stated:
When a substantial portion of your revenues and earnings originate from a specific market and higher valuations and increased liquidity can be attained elsewhere, it’s prudent to shift your listing to that jurisdiction. Listing on the NYSE will undoubtedly broaden the scope for potential investors.
