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Betting Firm Flutter to List on New York Stock Exchange in January

The betting firm Flutter has said it is working towards 29 January as the date for its listing on the New York stock exchange, but it will keep its premium listing in London. The company, formerly known as Paddy Power Betfair, is proceeding with a secondary listing in the US but it may “pursue a primary listing in the US in due course”. The group is forecast to generate almost 40% of its revenues from the US market this year.

“Flutter’s premium listing on the London Stock Exchange and inclusion in the FTSE 100 index will not be affected by the addition of this US listing,” the company said in a stock market announcement on Friday.

“Flutter’s shares will continue to trade on the LSE under its existing ticker symbol ‘FLTR’. From the point of the US listing, Flutter will also trade on the NYSE under the ticker symbol: ‘FLUT’.”

Flutter, which also owns the Sky Bet and PokerStars brands, owns FanDuel in the US. Flutter said it had notified Euronext in Dublin of its intention to cancel its secondary listing.

“Flutter believes that it is appropriate to maintain just two listings to minimise regulatory complexities,” the company said.

In connection with the anticipated cancellation of its delisting in Dublin the European Stoxx has moved to remove Flutter from its index from 18 December.

Two years ago, Flutter paid £1.62bn to buy the Milan-based online gaming group Sisal, which also has a large chain of betting shops and runs regulated lotteries in Italy, Morocco and Turkey, from the private equity group CVC Capital Partners.

Last year, the company used the purchase of Sisal to make a play for taking over the UK’s national lottery from the incumbent operator, Camelot.

However, the licence to run the national lottery was awarded to Allwyn, Europe’s largest lottery operator, which is owned by the Czech billionaire Karel Komárek.

Source: The Guardian