FanDuel guardian Flutter lists on the NYSE, difficult DraftKings as sports-betting pure play


FanDuel guardian Flutter listed on the New York Inventory Alternate on Monday, providing U.S. traders an alternative choice to the largest pure play in sports activities betting, DraftKings.

It is a secondary itemizing for the worldwide sportsbook, which is able to retain its major itemizing on the London Inventory Alternate and inclusion within the FTSE 100 index.

However Flutter’s most necessary marketplace for income and progress is the USA, the place FanDuel is the market share chief. Within the fourth quarter, FanDuel had 43% market share based mostly on gross income and 51% based mostly on internet income.

However whereas FanDuel outperforms its opponents, its largest rival, DraftKings, grabs the headlines and highlight in earned media as the largest — some would possibly argue, the one — publicly traded pure play in sports activities betting. Shares of DraftKings have soared greater than 150% over the past 12 months and are up 9% 12 months up to now.

Flutter desires a number of the glory and a number of the capital for FanDuel. Its shares are buying and selling on the NYSE beneath the ticker image FLUT.

An indication hangs on the wall within the reception space at FanDuel Inc.’s places of work in Edinburgh, U.Ok., Feb. 7, 2017.

Chris Ratcliffe | Bloomberg | Getty Photos

Flutter CEO Peter Jackson put it extra diplomatically on Jan. 18, saying, “The extra itemizing will allow us to entry deeper capital markets in addition to making Flutter extra accessible to U.S. traders and marks a brand new chapter within the historical past of the Flutter Group.”

Jefferies believes the NYSE itemizing may very well be a short-term catalyst for Flutter. In a be aware printed Friday, analyst James Wheatcroft assumes a 20% premium to DraftKings’ valuation, due to FanDuel’s “sustained market share outperformance,” and implies a worth goal of £210. Flutter is presently buying and selling at £163 per share in London.

Whereas DraftKings has gathered momentum since its public itemizing by way of SPAC in April 2020, hitting an all-time intraday excessive of $74.38 on March 22, 2021, it has lagged FanDuel in posting income.

Different opponents have develop into worthwhile in sure quarters, although they’ve failed to achieve vital market share. BetMGM, collectively owned by MGM Resorts Worldwide and Entain, has seen its market chief standing in iGaming, or on-line on line casino video games, slip, as DraftKings and FanDuel have overtaken it.

Caesars Sportsbook, Penn Leisure’s newly relauched ESPN Guess and Michael Rubin’s Fanatics Sportsbook, headed up by former FanDuel CEO Matt King, are additionally intent on taking share from FanDuel and DraftKings.

Jefferies now estimates the sports activities betting business at $37.5 billion whole addressable market in the USA.

FanDuel's Amy Howe talks NFL season and Taylor Swift

FanDuel CEO Amy Howe instructed CNBC in October on the World Gaming Expo in Las Vegas that the corporate is able to tackle its well-capitalized competitors.

“We all know the size goes to matter. And we all know that having probably the most distinctive product goes to matter,” she stated.

Flutter will delist its shares from buying and selling on the Euronext Dublin to attenuate regulatory complexity, although Flutter will stay integrated in Eire for tax functions, in keeping with the corporate’s web site. The delisting makes it ineligible for inclusion on the Euro Stoxx 50 index.

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