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FanDuel parent Flutter Entertainment has solidified its plans to have an American stock listing, with trading set to begin just days before one of the biggest events for sports betting in the U.S.
Confirming months of development, the Ireland-based Flutter will have a listing on the New York Stock Exchange beginning Jan. 29. Aimed at occupying a greater presence in its top market, Flutter’s move will be joined by a planned delisting on the Euronext Dublin exchange while keeping a separate listing on the London Stock Exchange.
That start of trading comes just 13 days before Super Bowl LVIII in Las Vegas. Along with March Madness, the Super Bowl typically ranks as one of the top draws each year for sports bettors, and the upcoming NFL title game at Allegiant Stadium is expected to raise the prominence of legal sports betting even more.
As a result, FanDuel will be pushing to solidify its current status as the top-ranking U.S. sportsbook around that event.
Listing With Benefits
Flutter CEO Peter Jackson previously said the American listing will “bring the group significant benefits from accessing the world’s deepest and most liquid capital market.”
The U.S. stock listing is also designed to aid FanDuel’s operations in the face of heightened competition from upstart market entrants such as Fanatics and ESPN Bet. FanDuel’s top rival, DraftKings, is already publicly traded, and its shares have risen more than 227% this year as the company has grown its revenues while at last curtailing long-scrutinized marketing expenses.
Prior to the start of U.S. trading, Flutter will provide a “brief trading update” on its fourth-quarter and full-year 2023 results on Jan. 18. That report will precede a full quarterly earnings report on March 26.
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