FanDuel owner Flutter Entertainment is poised to make its debut on the New York Stock Exchange today, Monday January 29th, 2024.
The company is marking its NYSE listing as a critical milestone, reflecting its massive growth in the US sports betting market.
In the United States alone, Flutter’s revenues soared to £3.6 billion ($4.59 billion) last year, a dramatic increase from £191 million ($243 million) reported in 2018. This growth spurt followed the US Supreme Court’s decision in 2018 to overturn a long-standing law that barred sports betting in most of the country.
Flutter acquired a controlling stake in FanDuel just days after that ruling. Since then, FanDuel, along with its competitors DraftKings and BetMGM, has been at the forefront of the highly competitive online gambling sector.
Flutter to Drop Dublin Listing
Previously listed on the London Stock Exchange and headquartered in Dublin, Flutter has opted to drop its secondary listing in Dublin in favor of the New York Stock Exchange. This strategic move aims to elevate the company’s visibility and access to greater financial resources in the United States. In May of this year, the company will ask shareholders’ approval to move its primary listing to the US.
In its regulatory filing before the transition, Flutter highlighted its potential for continued expansion but also recognized that issues related to problem gambling could significantly impact future regulations, prompt investigations, and potentially deter betting activities.
Five years ago, the US accounted for about 10% of the group’s business. By last year, the American market constituted nearly 40% of its total sales.
Although sports betting is legal in 39 states and jurisdictions, significant states like Texas remain on the sidelines. Flutter, however, remains optimistic about these states’ future involvement. Despite California voters rejecting sports betting in 2022, Flutter mentioned ongoing efforts to shift the state’s position in its filing, anticipating that sports betting will reappear on the ballot soon.
Based in London, Natasha is a former sports journalist with experience working for some of the biggest athletes & brands in the world of sports and iGaming.