LONDON - Flutter Entertainment PLC, the parent company of Paddy Power, Betfair, and FanDuel, has confirmed its upcoming debut on the New York Stock Exchange (NYSE) scheduled for January 29. The company will trade under the ticker symbol 'FLUT' while maintaining its premium listing on the London Stock Exchange (LSE) with its existing ticker 'FLTR'. As part of the FTSE 100 index, Flutter's London listing remains unaffected by this expansion.
The strategic move to list on the NYSE comes as Flutter anticipates significant revenue contributions from its US operations, including its sports betting platform FanDuel. This decision aligns with the company's focus on expanding its presence in the rapidly growing US betting market.
In preparation for this transition, Flutter will be issuing a trading update on January 18. Following this, January 23 will mark the last trading day for Flutter's shares on Euronext Dublin before their suspension and eventual delisting. The delisting from Euronext Dublin precedes the company's removal from the Eurostoxx index by December 18, as part of a regulatory simplification process.
Additionally, Flutter Entertainment is set to report its full-year results under US GAAP standards on March 26. This reporting change reflects the company's increasing orientation towards its American investor base and operations.
The expansion into the NYSE does not come without its challenges; Flutter had previously attempted to leverage assets from its acquisition of Milan-based Sisal, which it bought for £1.62 billion from CVC Capital Partners. Sisal brought betting shops and regulated lotteries into Flutter's portfolio. Despite these assets, Flutter was unsuccessful in its bid to replace Camelot as the operator of the UK national lottery, losing out to Allwyn, a company owned by Czech billionaire Karel Komárek.
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