Sports betting moves: FanDuel parent preps to list shares in the U.S.

Flutter Entertainment plc (OTCPK:PDYPY) disclosed in a filing that the additional listing of the company's shares in the U.S. is anticipated to take effect on January 29.

Following the U.S. listing, Flutter (OTCPK:PDYPY) will remain an Irish incorporated public limited company and still have its headquarters at its current base in Dublin, Ireland. In addition to the new U.S. standards to which Flutter will become subject, the board of directors of Flutter will continue to adhere to its standards of governance and corporate responsibility as required by the Irish Companies Act 2014 and applicable listing rules. Flutter (OTCPK:PDYPY) shares will continue to be listed and admitted to trading on the London Stock Exchange, while the secondary listing on Euronext Dublin will be cancelled.

Index info: "Flutter’s membership of the Euro STOXX 50 index is predicated on a listing on the Eurozone, which is currently satisfied by Flutter’s Euronext Dublin listing. Flutter estimates that its membership of Euro STOXX 50 has a relatively small tracking benefit. As a result of the Euronext Dublin De-Listing and as announced by STOXX Ltd. on 4 December 2023, Flutter will no longer be eligible for inclusion in the Euro STOXX 50 effective on 18 December 2023. It is expected that Flutter will continue to be a constituent of the FTSE 100 index, subject to any potential subsequent decision Flutter may make to pursue a primary US listing, which would be subject to a shareholder consultation."

The listing of the FanDuel parent in the U.S. is anticipated to help attract the attention of both retail and institutional investors. HSBC recently reiterated its Buy rating on Flutter (OTCPK:PDYPY) despite some new headwinds for the sport betting company. Analyst Joseph Thomas said the underlying growth story is still in play.