Dublin-based Flutter Entertainment, known for owning Betfair and Paddy Power, has shifted its primary listing to the New York Stock Exchange (NYSE). This move coincides with the resignation of Chief Financial Officer Paul Edgecliffe-Johnson, who cited time constraints with working from the U.S. as his reason for stepping down.
In an announcement to the London Stock Exchange, Flutter stated, “Our primary listing is now on the New York Stock Exchange.” Despite this change, its shares will continue trading on the Main Market of the London Stock Exchange as a secondary listing.
Flutter shareholders supported the move to New York during the company’s AGM in Dublin. The transfer of its listing category on the Financial Conduct Authority’s Official List from ‘Premium Listing’ to ‘Standard Listing’ became effective at 08:00 BST today.
Peter Jackson, Flutter’s CEO, remarked, “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 U.S. sports betting and igaming market to our business.”
Leadership Transition
Alongside the U.S. listing announcement, Flutter revealed that CFO Paul Edgecliffe-Johnson will be replaced by Rob Coldrake. The board decided it was in the company’s “best interests” for Edgecliffe-Johnson to step down. Appointed as CFO in 2022, he previously worked at Intercontinental Hotels.
Rob Coldrake, who has been Flutter International’s CFO since 2020, will take over the role. Coldrake has a background with TUI Travel and PricewaterhouseCoopers.
“In anticipation of the company’s U.S. primary listing on May 31, 2024, and the consequent need for extensive executive management time in the United States, the board 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 stated. Following this discussion, it was decided Edgecliffe-Johnson would step down.
Following this announcement, Flutter’s share price on the London Stock Exchange dropped by 6.44% by 10 am. Over the past month, shares in the gaming giant have fallen 6.10% in anticipation of the switch.
Earlier in May, Flutter reported significant growth in its FanDuel division, holding a 52% share of net gaming revenue in the U.S. and positioning FanDuel Casino as the top online gaming brand. The division saw nearly 3.4 million average monthly players in the first quarter, up 15% year-on-year.
Flutter’s U.S. revenue surged 32% in the first quarter to $1.4 billion, with adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) hitting $26 million, compared to a $53 million loss in the same period of 2023. Last year, Flutter generated $11.8 billion in revenue with an adjusted EBITDA of $1.87 billion.
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