Flutter Entertainment, a prominent player in the gaming and betting industry, has unveiled plans to list its ordinary shares on the New York Stock Exchange (NYSE) by January 29, 2024. This strategic move aligns with the company’s vision to optimize its operational structure by leveraging the strengths of the NYSE market while maintaining a robust presence in the UK market through the London Stock Exchange (LSE).
Key Timeline and Regulatory Steps:
Flutter’s initiative is contingent upon the effectiveness of its Form 20-F Registration Statement, which has been filed with the US Securities and Exchange Commission. The last day of trading for Flutter’s ordinary shares on Euronext Dublin is set for January 23, 2024, followed by a trading suspension to facilitate pending trade settlements.
Impact on Indices and Market Inclusion:
With the impending delisting from Euronext Dublin, Flutter acknowledges its removal from the Eurostoxx index by Stoxx, effective from December 18. However, it’s crucial to note that this change will not impact Flutter’s premium listing on the London Stock Exchange (LSE) and its continued inclusion in the FTSE 100 index.
Dual Listing Strategy:
Post-US listing, Flutter’s shares will continue to trade on the LSE under the ticker symbol ‘FLTR,’ while simultaneously trading on the NYSE under the symbol ‘FLUT.’ This dual listing strategy underscores Flutter’s commitment to maintaining its position in both the UK and US financial markets.
Financial Reporting and Investor Communication:
Flutter plans to release its full-year results for the 12 months ending December 31, 2023, under US Generally Accepted Accounting Principles (GAAP) on March 26, 2024. Ahead of this, on January 18, 2024, the company will provide a brief trading update for the three-month period ending December 31, 2023, and the full year of 2023. These communications serve as crucial touchpoints for investors, providing insights into the company’s performance and future outlook.
Strategic Alignment with Corporate Responsibility:
In recent weeks, Flutter’s UK and Ireland division has demonstrated a strong commitment to social responsibility. Through campaigns hosted by prominent brands like Paddy Power, Sky Betting & Gaming, and Betfair, the company raised an impressive £8 million ($10.1 million) for charitable initiatives. These campaigns supported diverse causes, including donations to Prostate Cancer UK, the Injured Jockeys Fund, and collaborative initiatives with the English Football League (EFL). This underscores Flutter’s dedication to making a positive impact beyond its business operations.
Expanded Collaboration and Milestones:
Beyond its strategic financial moves, Flutter has expanded its collaboration with Pragmatic Play, marking a milestone in their existing partnership that began in 2019. The expanded collaboration focuses on offering live casino content for Paddy Power and Betfair brands, showcasing Flutter’s commitment to enhancing its gaming offerings and delivering a superior experience to its customer base.
Flutter Entertainment’s decision to list on the NYSE while maintaining its presence on the LSE is a strategic move that reflects the company’s global optimization strategy. The dual listing approach, coupled with financial reporting and ongoing investor communications, positions Flutter as a dynamic player in the international gaming and betting industry. As the company continues to navigate regulatory steps, expand collaborations, and demonstrate social responsibility, its strategic decisions will undoubtedly shape its trajectory in the evolving landscape of the global financial and gaming markets.