By Flutter Entertainment, the parent company of FanDuel, has commenced trading on the New York Stock Exchange (NYSE) for the first time. The decision to shift its primary listing from London to the NYSE aims to bridge the valuation gap between Flutter and its competitors, such as DraftKings.
Flutter intends to make the NYSE its main listing venue, pending a shareholder vote scheduled for May. By relocating to New York, Flutter hopes to secure a place in significant U.S. indexes, which will bolster its market presence.
With the stock ticker FLUT, Flutter aims to finalize the transition to a New York listing in late Q2 or early Q3 of this year. The move to NYSE will not only enhance the company’s visibility in the U.S. market but also benefit recruitment and retention efforts, as well as grant access to more extensive capital markets.
The London-listed shares of Flutter experienced a slight 0.3% decline on Monday, but have seen a 17% increase thus far in 2021.
Comparatively, FactSet reports that DraftKings trades at 8.2 times estimated fourth-quarter sales, while Flutter Entertainment stands at 2.6 times.
While Flutter retains its London listing, it recently delisted from Euronext Dublin. Additionally, the company announced earlier this month that FanDuel emerged as the top sportsbook in the U.S. during the fourth quarter.
Aside from FanDuel, Flutter Entertainment encompasses other well-known brands such as Betfair, PokerStars, and Paddy Power.
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