Flutter Entertainment shareholders approve New York relocation

Flutter Entertainment is ready to move its primary catalog New York Stock Exchange 98 percent of NYSE shareholders supported the move.

Flutter is a leading gambling operator with heavyweight brands including Paddy Power, Betfair, Sky Bet, Poker Stars and Fan Duel.

The gambling giant was delisted from the Irish Stock Exchange in January to streamline operations and reduce regulatory complexities. As a result, it looked like it would have only two listings in New York and London. It was due to list on the NYSE in January before the decision was taken to move the main base away from the UK

However, the betting operator held its AGM in Dublin on Wednesday (1 May) and according to multiple reports, shareholders voted overwhelmingly in favor of the move.

The transfer from London to the NYSE is expected to be finalized by the end of May. According to the annual general meeting, the change reflects “the company’s growth path and the changing dynamics of global markets”. It will be removed from London’s FTSE indices.

Flutter announced this in March financial result For the financial year ending December 31, 2023, a view increase revenue to $11.79 billion, an increase of 24.6 percent over the previous year.

What does Flutter going on the NYSE mean?

Analysts have said that Flutter will benefit from this change. According to investors at Waterhouse VC, “a US listing improves access to the country’s capital pool and makes it easier to offer share incentives to US employees.”

Writing on X, it says US equities “have long been priced at a premium to other global equity markets.” It is also reportedly the company’s largest revenue contributor.

Stocks listed on the NYSE generally trade at much higher valuations than London-listed stocks. Once a company has been established in the market for a few years, investors are likely to put more capital into it, which is what Flutter and other companies are trying to do at the moment.

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