According to Flutter, the listing is due to enter into effect in “mid-Q4 2023” and is set to will be on top of the operator’s current listing on the London Stock Exchange and Euronext Dublin.
While the exact location of the second listing is still to be determined, Flutter has said it will be either on the NASDAQ Stock Market or New York Stock Exchange.
Despite the measure’s approval, Flutter will remain an Irish incorporated public company, headquartered at its current base in Dublin.
Flutter will remain resident in Ireland for tax purposes, as well as continue to be a constituent of the FTSE index “subject to any potential subsequent decision Flutter shareholders may make to seek a primary US listing.”
Flutter shareholder approved the measure at a 99.9% margin, far more than the 75% required to ensure its passage.
Flutter’s purpose seeking the dual listing
Flutter are making the planned move to the United States with its US sports betting and fantasy sports subsidiary FanDuel cementing its status as the largest online operator in the country.
Due to the size of the American market, Flutter’s US operations now make up a significant total of its overall operations, at $3.2b in gross gaming revenue for the 2022. This compares to $9.60bn in Flutter’s overall revenue.
In February, the business outlined the potential benefits of a US listing.
The company hopes an additional US listing will help enhance the business’s profile in the country, improving its recruitment and retention of local talent.
Additionally, Flutter hopes to have deeper access to capital markets and US investors in order to provide greater liquidity in its shares.
Original article: https://igamingbusiness.com/finance/flutter-shareholders-duel-listing/
