• Loading stock data...
Sunday, December 15, 2024

Betting on U.S. Market, FanDuel Makes Much-Anticipated NYSE Debut

  • Flutter, the corporate parent of the current sports betting leader, hits the U.S. stock market.
  • DraftKings also projected to receive a halo effect from investors.
NYSE

American investors now have a direct way to invest in the market share leader in sports betting, setting up yet another market battle between FanDuel and DraftKings.

Shares in FanDuel parent Flutter Entertainment began trading Monday on the New York Stock Exchange, as scheduled, and closed the first day of trading up 0.24%, retreating from gains earlier in the day, at $205.50. 

Beyond the continued status as the industry’s largest operator, the Ireland-based Flutter recently said that its full-year 2023 revenue rose by 25% to $12.1 billion, and that it captured 43% of gross U.S. sports betting revenue in the critical October-December period, a stretch that included the heart of the NFL and college football seasons, MLB playoffs, and start of the current NBA and NHL seasons.

Flutter has now initiated further efforts to move its primary stock listing from London to this new issue in New York. The U.S. market debut also arrives shortly before Super Bowl LVIII on Feb. 11, a game expected to set company records for betting handle. 

“We believe a U.S. primary listing is the natural home for Flutter given FanDuel’s No. 1 position in the U.S., a market which we expect to contribute the largest proportion of profits in the near future,” said Peter Jackson, Flutter’s CEO.

FanDuel’s chief rival, DraftKings, is also publicly traded and has been since 2020, and those shares have risen in value by more than 167% over the past 12 months and more than 18% so far this year—rebounding from a prior major decline in 2022—as the sports betting market has continued to expand. Because of that market expansion, initial analyst ratings on Flutter are generally strong, and a lift is also projected for DraftKings shares. To that end, DraftKings stock rose 3.7% on Monday to $39.91 per share, easily beating the Flutter increase. 

Linkedin
Whatsapp
Copy Link
Link Copied
Link Copied

What to Read

Steve Cohen Says Mets Ticket Sales ‘Exploded’ From Soto Signing

The Mets were 18th in MLB attendance this past season, Cohen said.
Michigan signee Bryce Underwood smiles during national signing day at Belleville High School in Belleville on Wednesday, Dec. 4, 2024.

Reader Mailbag: Is the NIL Era Out of Control?

Readers had a lot to say about Ellison and the NIL era.
Sep 21, 2024; Columbus, Ohio, USA; Marshall Thundering Herd running back Ethan Payne (28) dives in for the touchdown during the first quarter against the Ohio State Buckeyes at Ohio Stadium. Mandatory

Portal-Depleted Marshall Bows Out of Independence Bowl

Louisiana Tech (5–7) will take Marshall’s place.

The Top-Secret Operation to Create the Army-Navy Football Uniforms

The two-year process includes dozens of employees, NDAs, and military historians.

Featured Today

Nov 2, 2024; Denver, Colorado, USA; Detailed view of a Wilson NBA basketball held by a referee during the second half between the Utah Jazz against the Denver Nuggets at Ball Arena

‘Obvious Weak Point’: Refs Remain an NBA Gambling Concern

A season after Jontay Porter, the biggest risk may not be players.
Nov 2, 2024; Ann Arbor, Michigan, USA; Michigan Wolverines cheerleader runs with a flag before the game against the Oregon Ducks at Michigan Stadium.
opinion
December 7, 2024

College Football’s Billionaire Backer Era Begins

Is this the new normal in CFB recruiting?
LA Galaxy forward Dejan Joveljic (9) celebrates with midfielder Riqui Puig (10) after scoring a goal against Seattle Sounders FC in the second half in the 2024 MLS Cup Western Conference Final match at Dignity Health Sports Park
December 6, 2024

With or Without Messi, Major League Soccer Is Barreling Into the Future

After the Cup final, the league looks to accelerate its growth.
Dec 18, 2022; Lusail, Qatar; FIFA president Gianni Infantino claps during the awards ceremony after the 2022 World Cup final between Argentina and France at Lusail Stadium.
December 2, 2024

FIFA Wants More Matches. Resistance Is Growing Inside the Global Soccer World

Resentment and frustration over expanded schedules is nearing a breaking point.
DraftKings

Sens. Say DraftKings, FanDuel May Have Conspired to Crush Competition: ‘One Company’

The senators asked the FTC and DOJ to investigate the gambling companies.
DraftKings
November 8, 2024

DraftKings Lowers Full-Year Guidance After Brutal NFL Outcomes

DraftKings cited a tough start to the fourth quarter in lowering its 2024 guidance.
December 4, 2024

Poker Pro Pleads Guilty to ‘Massive’ Sports Betting Tips Fraud

Cory Zeidman ran a scheme that amassed $25 million over 14 years.
Sponsored

How UBS Crafts Impactful Partnerships Across Sports, Arts, and Culture

As UBS continues to expand its impressive array of sports and entertainment partnerships, the company solidifies its position as a leader in wealth management.
Sports betting Analyst Steve Coughlin gives out high-fives on the set of ESPN's College Game Day at the University of Texas, ahead of the Longhorns' game against the Georgia Bulldogs in Austin, Oct. 19, 2024.
November 7, 2024

ESPN Bet at Critical Point As Penn Reports Quarterly Earnings

The two sides agreed to a 10-year deal last August.
Nov 4, 2024; Kansas City, Missouri, USA; Kansas City Chiefs wide receiver DeAndre Hopkins (8) celebrates with quarterback Patrick Mahomes (15) after scoring against the Tampa Bay Buccaneers during the second half at GEHA Field at Arrowhead Stadium.
November 6, 2024

Missouri Becomes 39th State to Legalize Sports Gambling

Missouri was the only state with sports gambling on its ballot this election cycle.
November 5, 2024

On the Ballot: Sports Betting, Former Athletes Impacting the 2024 Election

Several U.S. Senate candidates have sports backgrounds, while Missouri voters will consider legalizing sports betting.
Tony Hinchcliffe at Donald Trump rally.
November 4, 2024

Sports Betting Companies Holding Comic at Arm’s Length After Trump Rally

Hinchcliffe drew criticism over his comments at a rally for Trump.