Flutter to list on NYSE starting today

[The Buzz]

Flutter Entertainment, the parent company of FanDuel, is calling its debut on the New York Stock Exchange today a "turning point" as its operations thrive in the U.S. where revenue soared to £3.6 billion ($4.59 billion) last year, a significant increase from £191 million ($243 million) in 2018.

From the Flutter press release:

As outlined in February 2023, the Board believes listing on the NYSE will unlock long-term strategic and capital market benefits by:

Enhancing the Group's profile in the US
Better enabling the recruitment and retention of US talent
Giving the Group access to much deeper capital markets, and to new US domestic investors
Providing greater overall liquidity in Flutter shares
Giving optionality to pursue a primary listing in the US - one of the criteria for access to important US indices.

Since February 2023, management has engaged widely with US investors, existing and potential, along with existing shareholders globally. The feedback received has been very supportive of moving Flutter's primary listing to the US.

Peter Jackson, Chief Executive, commented:

"With our NYSE listing effective today, this is a pivotal moment for the Group as we make Flutter more accessible to US based investors and gain access to deeper capital markets. We believe a US primary listing is the natural home for Flutter given Fanduel's #1 position in the US, a market which we expect to contribute the largest proportion of profits in the near future."

According to Barron's, "shares of its U.S. rival DraftKings should be able to withstand the competition stateside, analysts say."

Even though there are several online sports betting websites, Flutter and DraftKings regularly compete to be the top market-share leader in the U.S. Online gamblers most commonly choose between making parlays for sporting events on either FanDuel or DraftKings.

With this in mind, it might be a DraftKing trader’s first instinct to feel concerned about Flutter’s coming listing, and question whether it will draw attention or investors away from DraftKings. Two analysts told Barron’s that is highly unlikely.

Read more here: https://www.barrons.com/articles/flu...kings-04f3d87d

[tomgalanis]

They'll be nice and liquid after lifting all that future revenue from affiliates!

[tufty]

They'll be nice and liquid after lifting all that future revenue from affiliates!

Crooks indeed.

[Zack_cdg]

I think preparing for the IPO was the only reason of shutting down the affiliate programs across the entire group — this made the books and the White Paper look much more attractive for the institutional investors.

[universal4]

Sure stealing from partners to increase the bottom line always looks betting to the bean counters.

Rick
Universal4

[Cash Bonus]

Criminals and they’ll continue to steal.