Flutter has confirmed its shift from the London to New York Stock Exchange as its primary listing, following its debut on the market yesterday.
Flutter is the owner of a variety of brands globally, with FanDuel being one of the most notable. The US-based online sportsbook is currently the market leader, with a 43% market share according to the company’s Q4 report. A sizable percentage of Flutter’s revenue is also generated in the US, further compelling the company’s shift towards the US market.
The move comes following the company's departure from the Dublin Stock Exchange, which was announced earlier this month and finalised with the shift to New York.
On the move away from London and towards New York, Director of Research at Edison Group Neil Shah said the following: "Another day, another body blow to London with Flutter confirming that it will shift its primary listing location from London to New York. That Flutter has upgraded its love affair with the US markets to fully fledged relationship is no surprise given that its US operations are a significant part of its business and the soon-to-be primary source of its profits. Yet London's role as jilted partner continues, with yet another company leaving its embrace on the promise of higher valuations and deeper pools of capital in the US.
“Certainly, the easing of sports betting regulation in the US, coinciding with heavier regulation in the UK, is a major factor in the scramble for US market share. However, that a top 20 company has chosen to depart the city, with Flutter's secondary listing status excluding it from FTSE 100 inclusion, follows a very worrying and very public trend of listed companies losing trust in the city, which must prompt the government to turbo-charge its listing reforms."
Flutter stock prices currently sit at £164.70 ($208.80) as of 10.30am on Tuesday 30 January, having recovered from the £159.50 dip recorded yesterday afternoon for an increase of 3.3%.
