Flutter Entertainment, the parent company of FanDuel, started trading on the New York Stock Exchange for the first time Monday, as the company tries to narrow the valuation gap between it and rivals including DraftKings.
Flutter said Monday it’s planning to make the New York Stock Exchange its primary listing and will put that to a vote of its shareholders in May. Making the NYSE its home, rather than London, will help it get included in important U.S. indexes, the company said.
Launching Monday with the ticker FLUT, it’s targeting New York as its primary listing late in the second quarter and early in the third quarter.
Having a New York listing will also boost its profile in the U.S., help with recruitment and retention, and access “much deeper” capital markets.
London-listed shares
FLTR,
drifted 0.3% lower on Monday, though the stock has gained 17% this year.
According to FactSet, DraftKings
DKNG,
trades on 8.2 times estimated fourth-quarter sales, compared to 2.6 times for Flutter Entertainment.
Flutter said it plans to retain its London listing, having already delisted from Euronext Dublin.
Flutter earlier this month said that FanDuel was the “clear number one sportsbook” in the U.S. during the fourth quarter.
Other Flutter brands include Betfair, PokerStars and Paddy Power.
