Flutter Entertainment, a giant in the global gaming industry, has confirmed its departure from the Euronext Dublin, the Irish stock exchange. This move is set to take effect from 8:00 am (GMT) on Monday, 29 January 2024, marking the end of Flutter’s presence on the Irish bourse.
New chapter in company’s global expansion
This decision follows Flutter’s announcement in early December about its intention to list on the US stock exchange and delist from Euronext Dublin. The company’s strategy is to maintain only two listings – London and New York. This approach is aimed at streamlining operations and reducing regulatory complexities, thereby enhancing efficiency.
Despite the delisting from Euronext Dublin, Flutter’s ordinary shares will continue to be eligible for trading on the main market of the London Stock Exchange. This ensures that the company maintains a strong presence in the European market while expanding its reach to the US.
Growth in the US market
The transition to the New York Stock Exchange is subject to the effectiveness of its Form 20-F Registration Statement with the US Securities and Exchange Commission. Once approved, Flutter’s shares are expected to commence trading on the New York Stock Exchange from Monday, 29 January 2024.
The final step for Flutter to start trading its ordinary shares on the New York Stock Exchange involves migrating the settlement system of its ordinary shares from Euroclear Bank to the Depository Trust Company. This move has already been approved by Flutter’s shareholders, paving the way for the company’s expansion in the US market.
In other recent developments, Flutter has released a provisional trading update for the fourth quarter, indicating a promising revenue rise of 15 percent. This positive financial performance, coupled with the strategic shift in its stock exchange listings, positions Flutter Entertainment for robust growth in the global gaming industry.
Flutter Entertainment’s US dominance
In conclusion, the company’s departure from the Euronext Dublin and entry into the New York Stock Exchange signifies its ambition to expand in the US market, where it has already demonstrated dominance with a 40 percent Q3 sports gross revenue share. FanDuel, under Flutter, has emerged as the fastest-growing brand in the US market.
Internationally, despite challenges, Flutter has shown resilience. It has expanded its customer base in the UK & Ireland, maintained leadership in the Australian market, and witnessed growth in the International segment. CEO Peter Jackson’s, (pictured above), satisfaction with the Q3 performance and the anticipation of continued growth underscore Flutter’s strength and status as a global leader in sports betting and gaming. This strategic shift, coupled with strong financials and sustained growth, positions Flutter for robust global growth.
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