Flutter Entertainment Moves Primary Listing to NYSE
Flutter Entertainment, the parent company of America’s #1 Sportsbook, FanDuel, officially moved its primary listing to the New York Stock Exchange on May 31, making good on its promise to do so during its latest earnings call early in May.
Flutter moved its primary listing from the London Stock Exchange after delisting from the Euronext Dublin exchange in January and creating a secondary listing with the New York Stock Exchange. London will now be Flutter’s secondary listing, with New York taking over as the primary.
“Today marks an important milestone in the evolution of Flutter with the commencement of our primary listing on the New York Stock Exchange,” said Peter Jackson, CEO of Flutter Entertainment.
It is a move that Flutter shareholders and management approved earlier this year with a 98% vote.
Flutter Entertainment made other news on Friday, announcing that Paul Edgecliffe-Johnson, the company’s CFO, has been replaced by Rob Coldrake. The change went into effect immediately.
NYSE listing a logical move
Flutter Entertainment owns high-end online gambling sites worldwide, but the company has furthered its focus on the U.S. market’s FanDuel brand by moving to have its primary listing on American soil.
The main reason for the switch is that the company's valuations on the American market are much higher than those achieved in Europe. Getting a crack at the deep pockets of American investors also helped decide to switch much easier. The online sportsbook offers some of the best sportsbook promos.
Flutter’s FanDuel sportsbook, one of our best sports betting sites, has maintained its position as the top sportsbook in the U.S., with a 52% revenue market share in the first quarter of 2024.
“This closely follows the recent move of our operational headquarters to New York, with both reflecting the increasing importance of the U.S. sports betting and igaming market to our business,” said Jackson. “We have a fantastic position in the U.S., with FanDuel the clear number one operator, and we look forward to this next step on our journey.”
Flutter Entertainment stock closed at $192.09 on Friday after the move, a $4.19 or 2.23% improvement from the day before. This after news of Illinois’s proposed tax hike for providers sent its stock spiraling earlier in the week.
About the CFO change
As mentioned, Paul Paul Edgecliffe-Johnson left his position immediately as the Irish-based company’s CFO. Flutter’s ramp-up of its focus in the U.S. market had much to do with it. One of the reasons he stepped down was his unwillingness and perhaps inability to meet the time requirements on U.S. soil due to family commitments in the U.K.
Rob Coldrake, who has been with the company since 2020 and most recently served as CFO of Flutter International, took over immediately after the announcement.
Flutter Entertainment CEO Peter Jackson sang Coldrake’s praises, saying in a statement surrounding news of the change, “During his four years at Flutter, he [Coldrake] has shown himself to be a CFO of exceptional caliber, and his skills and experience will help us to take advantage of the significant opportunities before us.”
Chairman of the Board John Bryant said, “The Board welcomes the appointment of Rob as Group CFO and is especially delighted we were able to develop such a high-quality executive within our own business. We look forward to working with him and the team into the future. I would also like to take the opportunity to wish Paul well and to thank him for his contribution to the Group.”
