Flutter Entertainment Completes Main Stock Exchange Transfer to NYSE
Flutter Entertainment, named on the NYSE with the symbol FLUT, recently revealed the transfer of its primary listing venue to the New York Stock Exchange (NYSE) from the London Stock Exchange (LSE).
The conglomerate, known for housing Betfair, Paddy Power, and PokerStars, among others, shared that investor approval for the stock's primary listing shift was overwhelmingly approving at their annual meeting dated May 1st.
This decision comes after Flutter's recent transition of its operational headquarters to New York, emphasizing the significance of the American sports betting and iGaming industry to their company. Jackson, the CEO, expressed their enthusiasm for the upcoming change, stating, "We have a remarkable position in the US, with FanDuel as the clear leading operator. We're excited to take this next step in our journey."
While Flutter's stock will continue trading in London, its position on the LSE has now been marked as "standard listing," as opposed to a "premium listing."
Significance of NYSE Primary Listing for Flutter
Jackson touched upon Flutter's latest transition of their operational headquarters to New York and their 95% ownership of FanDuel, the prominent US online sportsbook operator and online casino gaming provider. This growing segment in Flutter's portfolio has been gaining much traction recently. The US market has contributed significantly to Flutter's corporate performance, imprinting the significance of drawing more attention to its stock in this region.
Moving a primary listing to the US offers foreign companies like Flutter several benefits. They could eventually make it to popular US equity benchmarks like the S&P 500, depending on their market capacity and revenue. The criteria for Flutter's inclusion in such respected US indexes favorably reflect their performance in the USA.
The stock's change in primary listing status in NYSE became official merely four months after its debut on the exchange. Flutter's shares were previously trading over-the-counter in the USA for an extended period.
Expanded Investor Base and Increased Liquidity
From the start, Flutter communicated its plans to intensify visibility of its stock following a potential shift to a NYSE primary listing. As it turns out, their efforts are yielding fruits. Quarterly data pertaining to Form 13F fund disclosures note the addition of positions in Flutter's stock by numerous domestic investment firms.
Listing on the NYSE offers a broader investor audience, adding liquidity to shares, and bolstering potential access to funds, should Flutter require that in the future.
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