Dublin-based Flutter Entertainment has confirmed that its primary listing is now on the New York Stock Exchange (NYSE). Additionally, the Betfair and Paddy Power owner announced that its Chief Financial Officer Paul Edgecliffe-Johnson is stepping down after he signaled that he could not commit sufficient time to work from the United States.
In an announcement to the London Stock Exchange, the company said its “primary listing is now on the New York Stock Exchange”, but its “shares remain eligible for and continue to trade on the Main Market of the London Stock Exchange” as a secondary listing.
Earlier this month, Flutter shareholders backed the transfer of its listing to New York at the company’s AGM in Dublin. Completion follows the transfer of its listing category on the Official List of the Financial Conduct Authority from ‘Premium Listing’ to ‘Standard Listing’. This is effective as of 08:00 BST today.
Peter Jackson, Flutter CEO, commented: “Today marks an important milestone in the evolution of Flutter with the commencement of our primary listing on the NYSE. This closely follows the recent move of our operational headquarters to New York. Both reflect the increasing importance of the US sports betting and igaming market to our business.”
“We have a fantastic position in the US, with FanDuel the number one operator, and we look forward to this next step on our journey,” he added.
With the primary US listing, Flutter also announced its Chief Financial Officer, Paul Edgecliffe-Johnson, will be replaced by Rob Coldrake immediately. The board of Flutter, which also owns the US-based FanDuel business, concluded that it was in the company’s “best interests” for Mr Edgecliffe-Johnson to step down as group CFO. He was appointed CFO in 2022, joining from Intercontinental Hotels.
Coldrake has been the Chief Financial Officer of Flutter International since 2020. He previously spent 14 years with TUI Travel in a variety of roles. He also had a spell at PricewaterhouseCoopers.
“In anticipation of the company’s US primary listing on May 31, 2024, and the consequent need for extensive executive management time to be spent in the United States, the board has recently engaged in a discussion with Paul Edgecliffe-Johnson concerning his ability to meet that requirement in light of his family commitments in the UK,” Flutter said in a statement.
“Following this discussion, the board has concluded that it is in the company’s best interests for Paul Edgecliffe-Johnson to step down from his role as group CFO and executive director,” it added.
Following the news this morning, Flutter’s share price on the London Stock Exchange dropped by 6.44% by around 10 am. Shares in the gaming giant have fallen 6.10% in the last month alone, in anticipation of the switch.
Earlier this month, Flutter reported that its FanDuel division currently has a 52% share of net gaming revenue in the US, while its FanDuel Casino arm is the number one online gaming brand. It had nearly 3.4 million average monthly players in the US in the first quarter of this year, which was up 15% year-on-year.
Its US revenue jumped 32% in the first quarter to $1.4 billion and it made adjusted earnings before profit, tax, depreciation, and amortization (EBITDA) of $26 million, compared with a $53 million loss in the first three months of 2023. Flutter generated revenue of $11.8 billion last year and posted further adjusted EBITDA of $1.87 billion.