Paddy Power Owner Proposes Primary Listing Departure from London Stock Exchange

Paddy Power Owner Proposes Primary Listing Departure from London Stock Exchange

Paddy Power Owner Proposes Primary Listing Departure from London Stock ExchangeMay 2024 might see Flutter Entertainment plc (Flutter) confirm a move of its primary stock exchange listing from London to Wall Street. The announcement was made this Monday when Flutter made its secondary listing debut on the New York Stock Exchange.

Flutter Entertainment plc is the owner of a number of major gambling brands, including Irish and UK giants like Paddy Power and Betfair, as well as the US-based FanDuel, one of the top players in the US gambling market. The potential move was first put on the table in February 2023, and as it was met with positive feedback from shareholders, the Board is now planning on moving forward with the switch in 2024. As for Flutter’s secondary listing in Euronext Dublin, it was cancelled on Monday.

The US is to Become Flutter’s “Natural Home”

The US is to Become Flutter’s “Natural Home”In the Monday press release commemorating the New York Stock Exchange launch, the Board’s primary reasons for further expanding the company’s presence in the US were reiterated, with some of the primary ones being liquidity improvement, how the opportunity will allow Flutter to access “much deeper capital markets,” and how this will enable the company to seek moving its primary listing to the US.

Chief Executive Officer of Flutter Entertainment plc Peter Jackson described the Wall Street listing debut as a “pivotal moment for the Group.” According to Jackson, the US will become Flutter’s “natural home,” citing FanDuel’s prominence as an industry leader in the US gambling industry as reasoning, as well as the Board’s expectations that the company’s operations in the US will prove to be its most profitable business.

In an interview with investing publication Barron’s, Jackson also expressed excitement about the company getting the opportunity to be listed on Wall Street, as FanDuel makes up a substantial portion of Flutter’s business operations at present. In addition, he once again emphasised on New York being “the right place” for the company to be.

Flutter’s London Stock Exchange Listing Will Be Switched to Secondary

Flutter’s London Stock Exchange Listing Will Be Switched to SecondaryFlutter’s roots date all the way back to April 1958, when Corcoran’s Management Limited was registered in Ireland. Several decades later, in 1988, Paddy Power (as Flutter was known back then) was created when three independent bookmaker businesses merged, and Paddy Power went public in 2000. Its first stock exchange debut happened in December of that year, when the company was listed on both the Irish Stock Exchange (now Euronext Dublin) and the London Stock Exchange. By then, Paddy Power had opened numerous betting shops across Ireland and the UK and had a prominent presence in each jurisdiction’s respective gambling industry.

Fast forward to 2016, Paddy Power plc and Betfair Group plc merged to become Paddy Power Betfair plc, and two years after this development, a merger with US bookmaker FanDuel was finalised. It was in 2019 that the company was officially renamed to Flutter Entertainment plc and was listed under this name on the London Stock Exchange.

It should be noted that the potential move to Wall Street, should it be officially approved by shareholders and come into effect in 2024, will not mark a complete exit from the London Stock Exchange. As Flutter remains the owner of major Irish and UK brands like Paddy Power, Betfair, and Sky Betting and Gaming, the company’s London listing will thus remain but become secondary.

Daniel Williams

Daniel Williams has started his writing career as a freelance author at a local paper media. After working there for a couple of years and writing on various topics, he found his interest for the gambling industry.

Daniel Williams

Author: Jerry Lewis