FanDuel Parent Flutter Entertainment Headed to New York Stock Exchange

Flutter Entertainment, the parent company of FanDuel, PaddyPower, and Betfair, is coming to America by way of the New York Stock Exchange.

Flutter is headquartered in Ireland and currently traded on the Euronext Dublin exchange. But an application has been filed with the U.S. Securities and Exchange Commission to sell shares on the NYSE beginning as early as the first quarter of 2024.

Flutter would delist itself from the Euronext Dublin, but continue to have its separate listing on the London Stock Exchange, where its shares have fallen since a disappointing third quarter report. 

The move has been considered for more than a year, and comes as DraftKings moved past FanDuel as the top online gambling operator in the United States, when you factor in all types of online wagering, including casino gaming.

Gaming Returns

Flutter reported an 8% increase in quarterly revenue and a 16% increase in average monthly users, totaling $2.5 billion and 11.1 million players. However, those numbers were below the projected amounts, and Flutter’s stock price on the London Exchange fell by more than 10%.

Flutter’s projections for full-year earnings are now $1.76 billion globally and $171 million in the United States. DraftKings reported a 57% increase in revenue for the third quarter, which sent its shares to a 16% increase on the NASDAQ.

CEO’s Claim Top Spot

DraftKings CEO Jason Robins, upon claiming the position as the number one earner in online gaming, said, “We are winning.” He added that he is proud of what they have accomplished, but “it doesn’t mean anything if we don’t continue to build on the momentum that we’ve generated.”

Flutter CEO Peter Jackson pushed back, telling CNBC, “We have a billion dollars more in revenue in the U.S., so we’re very clearly number one.”

FanDuel also said its iGaming revenue grew 52% year over year, which it claims makes it the fastest- growing brand in gaming revenue.

Not to be outdone by Robins and Jackson, MGM CEO Bill Hornbuckle said, “Year in and year out, we’ve been number one in iGaming. And so we’ve got a very big position we want to protect, and we’ll continue to do so.”

Gambling results are usually categorized by type, meaning that online and retail sports betting would be listed separately from iGaming. And since August is one of the slowest months on the sports betting calendar, third quarter reports are driven largely by iGaming totals.

DraftKings acquired Golden Nugget Online in 2022, and in Pennsylvania this past August they launched the Golden Nugget Online Gaming casino app. The app uses DraftKings technology and enters a profitable online casino market in Pennsylvania.

Sports betting revenue is projected to be $7.6 billion by the end of 2023, driven by the expansion of legalization. Currently there are 36 states that allow for legal sports betting, and three others that have pending legislation.

Consider, however, that online gaming revenue is projected to be $19.1 billion by the end of 2023, but only six states currently have legalized online casinos. Clearly, that is where the big money is made.