Flutter proposes switching primary listing to NYSE

Flutter Entertainment (LSE: FLTR), the owner of major betting brands Betfair and Paddy Power, announced on Monday that it is proposing to move its primary stock listing from the London Stock Exchange (LSE) to the New York Stock Exchange (NYSE).

The gambling giant believes the NYSE would be the “optimal location” for its primary listing after “supportive talks” with US investors. Flutter shares were down 1.8% by 13:45 GMT on Monday.

If approved at Flutter’s upcoming Annual General Meeting on 1 May, the company intends to switch its primary listing to the NYSE “as soon as practicable,” likely in late Q2 or early Q3. Importantly, Flutter said it plans to retain its LSE listing as a secondary listing if the proposal goes through.

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As the LSE’s largest gambling firm with a £28.83 billion market capitalization, the move marks another major company downgrading the exchange as its primary listing location this year. The LSE has struggled to attract sizeable new listings compared to New York.

Flutter said the feedback received from discussions with US investors was “very supportive” of moving its primary listing to the US. The company’s secondary listing in its home city of Dublin has already been cancelled.