As U.S. investors get ready to place bets on the Super Bowl, they can also buy stock in the parent company FanDuel,
Flutter Entertainment.
The online sports-betting company has begun trading on the New York Stock Exchange.
Flutter began trading on the NYSE Monday as a secondary listing. The company’s shares were originally listed on the London Stock Exchange in 2019 under the ticker FLTR. U.S.-listed shares, which are being traded under the ticker FLUT, were up 1% to $207.10.
“Clearly FanDuel is an enormous part of the Flutter business today, and to be able to have Flutter stock listed on the New York Stock Exchange—which is ultimately going to be our biggest market from a customer perspective—is something which is very exciting for us,” Chief Executive Peter Jackson said in an interview with Barron’s.
American depositary receipts of Flutter have traded over the counter under the ticker PDYPY, a combination of letters that harks back to the company’s original name, Paddy Power Betfair.
Flutter’s primary listing is on the London Stock Exchange, but the company is seeking to shift that to the NYSE. A proposal to make the switch will be offered to shareholders as a special resolution at the company’s 2024 annual general meeting on May 1. If it is approved, the change should go into effect late in the second quarter or early in the third quarter.
“We really feel at home here in New York,” Jackson said. “It’s the world’s biggest, most premier capital market, the biggest premier gaming business, so I think it is the right place for us to be.”
Besides FanDuel, there are several online sports-betting sites available to U.S. consumers, including,
DraftKings,
ESPN Bet,
MGM Resorts International,
and
Caesars Entertainment.
FanDuel and DraftKings have been battling for the top spot in terms of market share in the U.S. Shares of
DraftKings
were up by 1.6% at $39.10 on Monday.
Jackson told Barron’s that Flutter likes the competition, as it pushes the company to strive to be a strong brand for its customers.
DraftKings didn’t immediately respond to a request for comment.
Write to Angela Palumbo at angela.palumbo@dowjones.com
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