Paddy Power owner Flutter Entertainment PLC (LSE:FLTR) has officially switched its primary listing from the London Stock Exchange to the New York Stock Exchange, effective today.
It marks an “important milestone in the evolution of Flutter”, said chief executive Peter Jackson.
“This closely follows the recent move of our operational headquarters to New York, with both reflecting the increasing importance of the US sports betting and iGaming market to our business.”
Flutter owns and operates FanDuel, which is among the largest sportsbooks in the US. FanDuel’s success was a primary motivator for Flutter’s stateside shift, given its increasingly integral role in Flutter’s revenue growth.
“We have a fantastic position in the US, with FanDuel the clear number one operator, and we look forward to this next step on our journey," said Jackson.
New finance chief steps up
In conjunction with today’s relisting, Flutter announced that group chief finance officer Paul Edgecliffe-Johnson will leave the Group in place of Rob Coldrake “with immediate effect”.
Coldrake has been acting as Flutter International’s CFO for four years.
Following Flutter’s transatlantic relocations, there is a “consequent need for extensive executive management time to be spent in the United States”, said Flutter.
“The board has recently engaged in a discussion with Paul Edgecliffe-Johnson concerning his ability to meet that requirement in light of his family commitments in the UK.
“Following this discussion, the board has concluded that it is in the Company's best interests for Paul Edgecliffe-Johnson to step down from his role as Group CFO and Executive Director.”
Flutter retains a secondary listing on the London Stock Exchange.