In a recent decision favoured by the majority of its shareholders, Flutter, the parent company of Paddy Power, has decided to shift its main stock exchange listing from London to New York. This motion was supported by an overwhelming 98 per cent of investors in the annual general meeting held at its Dublin headquarters. The gambling conglomerate is expected to complete the transition by the end of May.
Chief Executive Peter Jackson shared in a post-meeting comment that this feels like a homecoming, as more than half of Flutter’s shareholders are based in the United States. He added that America is the ideal base for their business activities. Flutter has been actively trading on the New York stock market since the start of this year.
In 2018, following a federal court ruling in favor of legalising sports betting at state level, Flutter, through its subsidiary FanDuel, has been steadily expanding its footprint in the US market. The gambling giant, which leads the market in betting for sports like the National Football League and basketball, anticipates US earnings between $635 million (€595 million) and $785 million for this year.
In addition to FanDuel, Flutter oversees a group of businesses that includes Betfair, Sky Bet, Pokerstars, and Australia’s Sportsbet, with FanDuel being the largest.