Flutter CEO: Listing in the US “feels like the right thing to do”
Peter Jackson champions planned dual listing in Q1 as he lays out how the US capital markets provide access to the "deepest liquidity pool in the world"
Flutter Entertainment CEO Peter Jackson has said listing the company on the New York Stock Exchange “feels like the right thing to do”.
Speaking on the Bloomberg Businessweek podcast, Jackson explained the rationale behind the upcoming dual listing of the operator’s shares.
Flutter, a FTSE 100 company that is currently listed on the London Stock Exchange, is due to list in the US on 29 January 2024.
The operator’s shares will stop trading on the Euronext Dublin on 23 January, while the group will also be removed from the EUROSTOXX index from 18 December.
The move, which will open up the world’s deepest liquidity pool and access to US capital, could give way to a full-blown listing in the States at a later date.
Jackson said: “We’re very excited about it. We will list on the New York Stock Exchange so that American investors will be able to buy into Flutter on their own exchange.
“It’s something that we’ve considered for some time and it’s not straightforward, but we’re very excited about it.
“I think it’s going to be a great opportunity for American investors to invest in Flutter. It will give us access to that US capital market; the deepest liquidity pool in the world,” he added.
Jackson went on to note the positive connotations of being listed in the US, citing the attraction of talent as a key bonus.
He continued: “We know that having a US-listed asset will help us with retention and attraction of talent in America [and] that’s important for us as a business.
“We are the world’s leading gaming business and being listed on the New York Stock Exchange feels like the right thing to do for us.”
Elsewhere, Jackson said that the business was seeing no major impact on its revenue due to prevailing macroeconomic conditions.
The CEO said: “We’ve been operating for a very long time and if we look at this history from a macro perspective, whenever there’s strong levels of employment, we see strong performance in our business.
“Around the world at the moment, we haven’t seen any signals that any of the impacts that we’re seeing from a fiscal and macro perspective is impacting our business at all.”
Last month, Flutter reported a 13% year-on-year increase in Q3 revenue on the back of the continued strong performance of its US-facing FanDuel brand.