Flutter Entertainment plc has announced the transition of its primary listing to the New York Stock Exchange. This shift follows the transfer of the Company’s listing category on the Official List of the Financial Conduct Authority from “Premium Listing (commercial company)” to “Standard Listing (shares)”. While Flutter’s shares remain tradable on the Main Market of the London Stock Exchange within the Standard Listing segment, the NYSE now serves as its primary listing.
Strategic milestone and CEO’s perspective:
Peter Jackson, CEO of Flutter Entertainment, regards this development as a pivotal moment in the company’s evolution, stating in the company’s press release, “Today marks an important milestone in the evolution of Flutter with the commencement of our primary listing on the New York Stock Exchange.” He emphasizes the significance of this move, particularly following the relocation of the company’s operational headquarters to New York. Jackson highlights the growing importance of the US sports betting and iGaming market to Flutter’s business strategy, citing FanDuel’s prominent position as the leading operator in the US.
Flutter’s decision to transition its primary listing to the US has been guided by extensive engagement with investors, both in the US and globally, since February 2023. The process commenced with the additional listing of Flutter’s ordinary shares on the NYSE on January 29, 2024. Shareholders’ approval of the special resolution on May 1, 2024, marked a critical step in effectuating the transfer of Flutter’s listing category from a Premium Listing to a Standard Listing on the LSE, which has now come into effect. Consequently, the NYSE serves as Flutter’s primary listing moving forward.
Flutter Entertainment plc stands as the world’s foremost online sports betting and iGaming operator, boasting leading positions in various global markets, including the US. With a vision to transform the industry positively, Flutter leverages its significant scale and innovative approach to deliver long-term growth while fostering a sustainable future for all stakeholders. The company’s diverse portfolio encompasses renowned brands such as FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, Tombola, Betfair, MaxBet, Junglee Games, and Adjarabet.
Leadership transition: CFO change:
In parallel with its listing transition, Flutter Entertainment announces a change in its executive leadership. As the company announced, Group CFO Paul Edgecliffe-Johnson will be stepping down from his role with immediate effect. Rob Coldrake, currently serving as the Chief Financial Officer of Flutter International since 2020, will succeed him. Edgecliffe-Johnson’s departure aligns with the company’s strategic focus on extensive executive management presence in the US following its primary listing shift. According to the source, Flutter expresses gratitude for Edgecliffe-Johnson’s contributions, particularly in facilitating the US primary listing process, and extends best wishes for his future endeavors.
Flutter Entertainment acknowledges the appointment of Rob Coldrake as the new Group CFO, lauding his exceptional caliber and significant contributions during his tenure. The board expresses confidence in Coldrake’s ability to navigate the company through its next phase of growth and underscores its commitment to collaboration and progress. The announcement concludes with well wishes for Edgecliffe-Johnson and gratitude for his dedicated service to the company.
Flutter Entertainment’s transition to a primary listing on the New York Stock Exchange signifies a strategic move aimed at enhancing its presence in key markets, particularly the burgeoning US sports betting and iGaming sector. This development, coupled with a change in executive leadership, reflects Flutter’s commitment to sustainable growth and strategic evolution in an increasingly competitive landscape.
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