Flutter Entertainment has announced that it has begun trading on the New York Stock Exchange (NYSE).

As a result, the Dublin-based gambling firm will cancel its secondary listing of ordinary shares on Euronext Dublin, while retaining its premium listing on the London Stock Exchange.

The move comes as the firm, which owns FanDuel and was formerly known as Paddy Power Betfair plc, generated sales of £3.6bn in the US in 2023, up from £191m in 2018, when the US supreme court removed a decade-old law that prohibited sports betting across much of the country, according to The Guardian.

Flutter outlined in February 2023 that it believed that trading on the NYSE would unlock "long-term strategic and capital benefits", which included enhancing the group’s profile in the US, enabling the recruitment and retention of US talent, and giving the group access to much deeper capital markets and new US domestic investors.

Since this outline of plans, management at the entertainment firm have been engaging with US investors, and as a result, believe that "the NYSE is now the optimal location for Flutter’s primary listing of its shares".

Following the transition, the board has stated that it intends to retain Flutter’s UK listing as a secondary listing and believes this will ensure the "greatest number of investors will be able to continue to hold Flutter shares and benefit from future value creation".

Chief executive at Flutter, Peter Jackson, said: "With our NYSE listing effective today, this is a pivotal moment for the group as we make Flutter more accessible to US based investors and gain access to deeper capital markets. We believe a US primary listing is the natural home for Flutter given Fanduel's number one position in the US, a market which we expect to contribute the largest proportion of profits in the near future."

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