Flutter Entertainment, the parent company of FanDuel, began trading on the New York Stock Exchange for the first time on Monday, as the company attempts to narrow the valuation gap between itself and competitors including DraftKings.
Flutter said on Monday that it plans to make the New York Stock Exchange its primary listing and will put that to a vote to its shareholders in May. The company said that making the New York Stock Exchange its home, instead of London, will help its inclusion in important American indices.
It will launch on Monday using the FLUT ticker, targeting New York as its primary listing in late Q2 and early Q3.
A listing in New York will also strengthen its position in the US, aid recruitment and retention, and access “much deeper” capital markets.
FLTR London listed stocks,
It fell 0.3% on Monday, even though the stock is up 17% this year.
According to FactSet, DraftKings DKNG,
It trades at 8.2 times estimated Q4 sales, compared to 2.6 times Flutter Entertainment.
Flutter said it plans to retain its London listing, having already been delisted from Euronext Dublin.
Flutter said earlier this month that FanDuel was the “clear No. 1 sportsbook” in the US during the fourth quarter.
Other Flutter brands include Betfair, PokerStars, and Paddy Power.
