International sports betting and iGaming giant Flutter Entertainment, owner of FanDuel and other leading international iGaming brands, announced that it has completed its transition to the New York Stock Exchange (NYSE) as its primary share listing.
The Dublin-based company, formerly Paddy Power Betfair, first listed on the NYSE in January under the FLUT symbol, triggering the transition from its former London Stock Exchange listing as FLTR.
“Today marks an important milestone in the evolution of Flutter with the commencement of our primary listing on the New York Stock Exchange,” said Flutter CEO Peter Jackson. “This closely follows the recent move of our operational headquarters to New York, with both reflecting the increasing importance of the U.S. sports betting and iGaming market to our business. We have a fantastic position in the U.S., with FanDuel the clear No. 1 operator, and we look forward to this next step on our journey.”
With completion of the primary listing, group finance head Paul Edgecliffe-Johnson has stepped down from his former roles as Flutter group chief financial officer and executive director.
Rob Coldrake has been named as Flutter’s new CFO, due to the need to oversee the Irish-based company’s increased role overseas in the U.S. Coldrake has held the role of CFO for Flutter International since 2020, promising a smooth transition with this change in leadership.
“I am delighted that Rob will become our next group CFO,” said Jackson. “During his four years at Flutter, he has shown himself to be a CFO of exceptional caliber, and his skills and experience will help us to take advantage of the significant opportunities before us.”
FanDuel and its brand are by far the most profitable under Flutter, which also owns Betfair, Paddy Power, PokerStars, Sky Betting & Gaming, and Sportsbet.
Some 98 percent of Flutter’s shareholders supported the resolution to move Flutter to a primary U.S. listing.
Investors say the transition at CFO is an issue separate from the company’s financial performance; it speaks to the importance of the U.S. market.
“We see the personal situation of the outgoing CFO as separate and unrelated to the ongoing financial position at Flutter,” wrote James Wheatcroft, an analyst with Jefferies Equities Research, in a research note. “The announcement timing seems unfortunate, as it coincides with Flutter’s first full day of a primary listing in the U.S. on the NYSE, but the timing also coincides with the conclusion of both the heavy-duty transition to U.S. GAAP accounting and primary-listing process. CFO continuity is provided by an entirely appropriate internal appointment.”
