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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, -11.90% said it plans an additional listing on the Intercontinental Exchange’s ICE, +0.88% New York Stock Exchange in the first quarter of 2024, around which time it will delist from the Euronext ENX, +3.16% 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.Its third-quarter revenue rose 8% to £2.
The rival to DraftKings DKNG, +0.31% 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.
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