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,
-10.99%
said it plans an additional listing on the Intercontinental Exchange’s
ICE,
-0.34%
New York Stock Exchange in the first quarter of 2024, around which time it will delist from the Euronext
ENX,
+3.08%
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,
-2.22%
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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