FanDuel Picks NY Over London for Primary Listing

FanDuel is reportedly preparing to switch its public listing to the U.S. markets.

Shareholders in Flutter Entertainment, FanDuel’s Ireland-based owner, have voted to move the online betting group’s listing from London to the New York Stock Exchange, Bloomberg News reported Wednesday (May 1).

“We now anticipate that we will shift our prime listing to the New York Stock Exchange by the end of the month,” Flutter CEO Peter Jackson told reporters in Dublin, adding that the company views the U.S. as “our natural home.”

That echoed comments the chief executive made when the company announced its intention to make New York its primary listing in January, going up against main rival DraftKings, which went public in 2020.

“We believe a U.S. primary listing is the natural home for Flutter given Fanduel’s No. 1 position in the U.S., a market which we expect to contribute the largest proportion of profits in the near future,” Jackson said at the time.

The company said then that Flutter’s management has “engaged widely” with existing and potential investors in the U.S. since 2023 and garnered positive feedback about moving the company’s primary listing to the U.S.

The Bloomberg report notes the move is a “major blow” to the U.K., which has seen several companies choose to list in New York, with CEOS pointing to deeper capital markets, higher valuations and executive pay as reasons to move.

The popularity of companies such as FanDuel and DraftKings comes as online betting has blossomed into a $63 billion industry, and one where quick — if not immediate — payouts are a crucial selling point for customers, as PYMNTS wrote earlier this year.

“Still, the reality is that existing technology stacks limit many casinos,” the report said. “By implementing instant disbursements, online gambling sites could improve gamers’ satisfaction and increase their likelihood of returning.”

Although most bettors prefer instant disbursements, few have access to them. A PYMNTS Intelligence study learned that close to 80% of gamblers said they would take instant digital disbursements when offered them, while 76% who did not have the option to receive instant payouts would choose that option  if the company offered it.

“Implementing instant payouts may seem expensive for many gambling sites, but the payoff can be significant,” PYMNTS wrote. “Instant payouts streamline back-end operations and act as a catalyst in enticing gamers to return.”