From CNBC:

Flutter, the parent company of FanDuel, lists on the New York Stock Exchange, offering U.S. investors an alternative to DraftKings. Despite retaining its primary listing on the London Stock Exchange, the U.S. is Flutter’s most important market, with FanDuel leading the market share. Flutter’s secondary listing aims to access deeper capital markets and attract U.S. investors.

Flutter CEO Peter Jackson believes that the additional listing on the NYSE will enable the company to access deeper capital markets, making it more accessible to U.S. investors and marks a new chapter in the history of the Flutter Group. Analysts at Jefferies believe that Flutter’s listing could be a short-term catalyst and estimate a 20% premium to DraftKings’ valuation.

While DraftKings has gathered momentum since its public listing via SPAC in April 2020, it has lagged FanDuel in posting profits. Other competitors like BetMGM, Caesars Sportsbook, and ESPN Bet are intent on taking share from FanDuel and DraftKings, as Jefferies now estimates the sports betting industry at $37.5 billion total addressable market in the United States.

FanDuel CEO Amy Howe stated that the company is ready to take on its well-capitalized competition, highlighting the importance of scale and having the most distinctive product in the industry.

Flutter is set to delist its shares from trading on the Euronext Dublin to minimize regulatory complexity, putting the company ineligble for inclusion on the Euro Stoxx 50 index. Despite delisting, Flutter will remain incorporated in Ireland for tax purposes.



Read more: FanDuel-parent Flutter lists on the NYSE, challenging DraftKings