The parent company of FanDuel plans to list in the U.S. early next year, as Flutter Entertainment shares slumped on a profit warning.
Flutter
FLTR,
said it plans an additional listing on the Intercontinental Exchange’s
ICE,
New York Stock Exchange in the first quarter of 2024, around which time it will delist from the Euronext
ENX,
Dublin, while still maintaining its listing on the London Stock Exchange. Flutter had previously said it was considering a U.S. listing, and for the first time said that it would be on the NYSE.
Flutter said it may “in due course” make the U.S. its primary listing.
Its third-quarter revenue rose 8% to £2.04 billion ($2.5 billion), coming in below the Visible Alpha consensus of £2.15 billion.
The rival to DraftKings
DKNG,
said its FanDuel unit is the “clear number 1 position” in the U.S. market, as it reported 20% revenue growth in local currencies during the third quarter, and a 38% rise in average monthly players. It guided to U.S. adjusted EBITDA for the year of £140 million on revenue of £3.75 billion, both which were in the middle of its previous estimates.
Outside the U.S., however, it now sees EBITDA at the low end of its range, of £1.44 billion, on increased investment. It also said a challenging Australian environment will continue into next year and a change in Indian taxes will hit next year’s EBITDA by £30 million.
Flutter shares skidded 12% in early London trade.
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