Paddy Power owner Flutter launches on NYSE as Irish listing cancelled

On its first day on Wall Street, Flutter shares gained more than 3% to $212 (€196.2)

Mon, 29 Jan, 2024 - 17:22

Emer Walsh

Paddy Power owner, Flutter Entertainment has officially launched on the New York Stock Exchange after announcing late last year that it was switching from its Irish listing to focus on its US market.

The betting conglomerate confirmed that the cancellation of the secondary listing of the Company’s ordinary shares on Euronext Dublin took effect at 8am this morning.

On its first day on Wall Street, Flutter shares gained more than 3% to $212 (€196.2).

Speaking last November, the betting giant, which is also listed on the London Stock Exchange, announced that it submitted a registration statement to the Securities and Exchange Commission in the US.

The group stated its intent to list on the New York Stock Exchange, adding that it felt appropriate to maintain just two listings "to minimise regulatory complexities."

Flutter is the latest firm joining the running list of companies exiting the Irish stock market, following moves from construction company, CRH, Guinness-maker Diageo and packaging giant Smurfit-Kappa.

“With our NYSE listing effective today, this is a pivotal moment for the Group as we make Flutter more accessible to US based investors and gain access to deeper capital market,” said Flutter Chief Executive, Peter Jackson.

“We believe a US primary listing is the natural home for Flutter given Fanduel’s #1 position in the US, a market which we expect to contribute the largest proportion of profits in the near future.”

Earlier this month, the Paddy Power and Betfair owner posted a 15% rise in fourth-quarter revenue, driven by notable surges in market share across Ireland, the UK and the US.

However, the company said that growth of 26% in its Fanduel US business was below expectations due to a series of very friendly customer results of $343m (€315m) which were "primarily mitigated" by the firm's expected gross revenue margin being better than anticipated.

The world's largest online betting company said it expected full-year earnings excluding its emerging US market of £1.44bn (€1.68bn), the bottom of its previously forecast range following a similar run of results in Europe.