By Dominic Chopping
Flutter Entertainment has ended its plans to go public in the US, saying it will list its shares on the New York Stock Exchange and simultaneously delist from Euronext Dublin.
The FTSE 100 gambling and betting group – which houses the PokerStars and Paddy Power brands – said on Thursday it expects the NYSE listing to take effect in the first quarter of 2024. It said it now believes it is appropriate to maintain just two listings in order to minimize regulatory complexity. It has decided to cancel its Dublin IPO.
The company’s membership of the FTSE 100 will not be affected, it said.
Flutter reported an 8% rise in third-quarter revenue to £2.04 billion, boosted by a 22% jump in gaming revenue on the year, while average monthly player numbers rose 16%.
US revenue rose 12% to GBP668m, while UK and Ireland revenue increased 11% to GBP566m, offsetting an 18% decline in Australian revenue.
“In the US, the strong increase in Ebitda during 2023 will continue into 2024 and beyond as our profit margins grow significantly,” said CEO Peter Jackson.
Write to Dominic Chopping at [email protected]
(END) Dow Jones Newswires
November 9, 2023 02:53 ET (07:53 GMT)
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