HomeBussinessFlutter to move primary listing to New York by end of May

Flutter to move primary listing to New York by end of May


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The majority of the betting giant’s shareholders voted to support the move from London at the company’s annual general meeting at its Dublin headquarters today.

“We now anticipate that we will shift our primary listing to the New York Stock Exchange by the end of May,” chief executive Peter Jackson said following the meeting.

“We’ll drop out of the FTSE100 and we will do everything we can to make ourselves eligible for inclusion in the US indices as quickly as we can.”

Flutter shares traded for the first time on the New York Stock Exchange (NYSE) in January, while it also delisted from the Dublin stock exchange earlier this year.

The group’s focus remains focused on the US market, with liquidity pools there described as “much greater” than in any other markets.

“When you look at the equivalent market cap businesses to ours in the US, the volume of trading will be significantly more than we’ve seen in London or Dublin,” Mr Jackson said.

“That means that people are prepared to take bigger stakes in companies because they feel they can get in and get out.”

He added that all stock markets in Europe, including the UK, need to be “focused on how they can drive up liquidity”, which he described as “the true test of a health of an exchange.”

Flutter expects almost half of revenue this year to come from the US, while more than half of shareholders are based in the market.

“We really see ourselves as going home, the US is our natural home,” Mr Jackson said.

He said that the company also supports the planned introduction of the Government’s new Gambling Regulation Bill here.

“We’re very happy with the vast majority of it,” he said, adding that the group is engaging with consultation on a number of areas it feels should be addressed.

“One particular concern is around the potential impact for unintended consequences if some of these are removed.”

In February, Flutter said it expected group revenue growth of 17.5pc this year, while further adjusted Ebitda – adjusted Ebitda excluding share-based compensation – is expected to jump 30.2pc in 2024.

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