Betting company Flutter said on Friday it is working towards a January 29 listing date on the New York Stock Exchange, but will maintain its premium listing in London.
The company, formerly known as Paddy Power Betfair, is seeking a secondary listing in the US but “may seek a primary listing in the US in due course”.
According to estimates, the group will generate almost 40% of its sales in the US market this year.
“Flutter’s premium listing on the London Stock Exchange and inclusion in the FTSE 100 index will not be affected by the addition of this US listing,” the company said in a stock exchange announcement on Friday.
“Flutter’s shares will continue to trade on the LSE under the existing ticker symbol ‘FLTR’. Upon US listing, Flutter will also trade on the NYSE under the ticker symbol “FLUT.”
Flutter, which also owns the Sky Bet and PokerStars brands, owns FanDuel in the US. Flutter said it had informed Euronext in Dublin of its intention to cancel its secondary listing.
“Flutter believes it is appropriate to maintain only two listings to minimize regulatory complexity,” the company said.
In connection with the expected delisting in Dublin, Europe’s Stoxx has decided to remove Flutter from its index from December 18th.
Two years ago, Flutter paid £1.62 billion to buy Milan-based online gaming group Sisal, which also has a large chain of betting shops and operates regulated lotteries in Italy, Morocco and Turkey, from private equity. Group CVC Capital Partners to buy.
Last year the company used its purchase of Sisal to enable its takeover of the UK national lottery from incumbent operator Camelot.
However, the license to operate the national lottery was awarded to Allwyn, Europe’s largest lottery operator, owned by Czech billionaire Karel Komárek.