Flutter Sees Rise in Shares on First Day of NYSE Trading

Shares of FanDuel parent company Flutter saw an increase in value on their first day of trading on the New York Stock Exchange. The stock, which trades under the ticker FLUT, rose by approximately 3% to reach $210.98 during morning trading.

Seeking Shareholder Approval for Primary Listing Move

Flutter's Chief Executive, Peter Jackson, announced that the company will seek shareholder approval to move its primary listing from London to the NYSE. This move could potentially lead to Flutter's inclusion in major U.S. indices, providing the company with a broader base of investors. However, the company will also maintain its listing on the London Stock Exchange.

The Growing U.S. Market Potential

Aside from FanDuel, Flutter is also the owner of other online gambling brands, such as TVG (specializing in horse racing) and PokerStars. Jackson highlighted that the U.S. market is expected to generate the largest proportion of profits for the company in the near future.

In a recent interview, Jackson expressed surprise at the rapid growth of Flutter's U.S. business, partly fueled by the popularity of parlays. These wagers allow customers to combine multiple bets, such as game outcomes and individual player performances, to increase potential payouts.

Focus on American Wagering Culture

Jackson noted that Americans tend to be more focused on individual athletes rather than teams, making fandom more centered around specific players. He stated that parlays are a particular favorite among customers in the U.S.

Furthermore, he pointed out that Americans are generally more inclined to place larger wagers compared to customers in the U.K. or Australia. In the U.S., people often consider the returns in terms of $100 bets, whereas in the U.K., odds are usually associated with one pound bets.

Future Goals: Live Betting and Pre-Set Tickets

Flutter is actively working on making parlays available for live betting, allowing customers to place bets even after a game has started. Another area of focus for the company is the introduction of pre-populated parlays, offering pre-set tickets through their app.

Flutter Joins DraftKings as Major U.S. Online Gambling Companies

With its listing on the NYSE, Flutter now joins rival DraftKings as one of the largest pure-play online gambling companies traded in the United States.