Even though it’s already the established market leader in U.S. online sports betting, FanDuel parent Flutter Entertainment is preparing to further expand its American footprint.
Headquartered in Ireland and currently listed on the Euronext Dublin exchange, Flutter has filed an application with the U.S. Securities & Exchange Commission to sell shares on the New York Stock Exchange, with a goal of kicking off trading in 2024’s first quarter. Once finalized, Flutter plans to delist from Euronext Dublin while keeping a separate listing on the London Stock Exchange.
The moves, which have been under consideration for more than a year, are aimed at occupying a greater position in the company’s top market.
“We are making good progress towards our U.S listing, which will bring the group significant benefits from accessing the world’s deepest and most liquid capital market,” said CEO Peter Jackson.
The Flutter move arrives as the FanDuel-DraftKings sports betting duopoly begins to face greater competitive pressure from well-resourced new entrants Fanatics and ESPN Bet.
Flutter just reported an 8% rise in overall quarterly revenue to $2.5 billion and a 16% increase in average monthly players to 11.1 million. Those results, however, were lower than analyst expectations, and Flutter’s London shares fell more than 10% in Thursday trading.