Flutter Entertainment Sets Sights on New York Listing by Month's End

In a pivotal move that could reshape its corporate landscape, Flutter Entertainment, the powerhouse behind Paddy Power, is gearing up to shift its primary share listing from London to New York by the end of this month. This strategic decision, articulated by CEO Peter Jackson following a resounding nod of approval from shareholders at the company’s AGM in Dublin, marks a significant leap towards aligning its operational base with its market identity.

• Key takeaway one: Flutter Entertainment aims to finalize its primary listing transfer to New York, leaving the London Stock Exchange behind.
• Key takeaway two: The transition signifies a "homecoming" for Flutter, reflecting its substantial US market engagement and shareholder base.
• Key takeaway three: Despite the move, Flutter maintains a strong commitment to Ireland, its birthplace, while navigating the evolving landscape of gambling regulation.

During the AGM, Jackson revealed that this landmark shift would consequently phase Flutter out of the prestigious FTSE100 index. He rationalized the move as a strategic alignment with the company's core markets, citing the superior liquidity and higher trading volumes of the American market as key drivers behind the decision. This transition follows Flutter's earlier step of delisting from Euronext Dublin and making its debut on the New York Stock Exchange, a precursor to the anticipated primary listing migration.

Jackson underscored the need for European and UK stock markets to intensify efforts in boosting liquidity to remain competitive, pointing out that the US market's dynamism is a crucial factor in Flutter's strategic realignment. With the US poised to contribute nearly half of the group's revenue and house a significant portion of its shareholder base and board members, the move is painted as a strategic "homecoming."

Amid these corporate shifts, Flutter's stance on the evolving Gambling Regulation Bill in Ireland was also highlighted. The company, rooted in Irish origins, expresses broad support for the legislative framework, actively engaging in consultations to refine certain aspects. Despite recent operational redundancies within Ireland, Jackson reaffirmed the country's strategic importance to Flutter's legacy and future.

The AGM, which saw all resolutions pass with overwhelming shareholder support, lasted less than 15 minutes, underscoring the unity and decisiveness behind Flutter's strategic pivot towards the New York Stock Exchange.

This bold move not only signifies Flutter's evolving market alignment but also reflects broader industry trends of seeking out marketplaces that match a company's growth trajectory and operational ethos. As Flutter Entertainment embarks on this transformative journey, the ripple effects across global stock markets and the gambling regulatory landscape will be closely watched.