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The flutter rally in the US continues as its headquarters move from London to New York

Tuesday, May 14, 2024 7:58 am

In May, shareholders voted to move Flutter’s primary listing to the US, with boss Peter Jackson calling it a “natural home” for the group.

Gambling giant Flutter said its total average number of monthly players rose 11 percent year-on-year in the first quarter of 2024, as the company prepares to move from London to the US at the end of the month.

In the US, players grew by 15 percent and revenue by 32 percent, despite ‘unfavorable’ sports results in March.

Revenue rose 16 percent to $3.4 billion but generated losses of $177 million, down nearly 60 percent from the first quarter of 2023, which was due to non-cash charges of $356 million. 284m).

In January, Britain’s largest London-listed gambling stock made a secondary listing on the New York Stock Exchange (NYSE).

But in early May, shareholders voted to move Flutter’s primary listing to the US, with boss Peter Jackson calling it a “natural home” for the group. The listing will take effect on May 31.

Jackson said: “With a greater proportion of the Group’s future profits expected to be generated in the US, we have relocated our operational headquarters to New York, reflecting the importance of the US sports betting and iGaming market to our business. ”

At the end of 2023, Flutter said its US operations were “rapidly scaling” with revenue up more than 40 percent year-over-year.

“In the US, FanDuel’s revenue momentum is translating into strong US Adjusted EBITDA growth and market share gains. We are focused on further expanding our player base, market share and anchoring future profits in our business through disciplined investments,” Jackson added.

Outside the US, the UK launch of Super Sub on Paddy Power is Flutter’s most successful product launch to date, while in Italy its market share in online sports betting and iGaming reached a record high in April.

Flutter said it remains confident in its 2024 expectations.