Buying a stake in FanDuel just got a lot easier for U.S.-based investors as shares of parent company Flutter Entertainment (FLUT) listed on the 澳洲幸运5官方开奖结果体彩网:New York Stock Exchange (NYSE) today. Flutter shares were up 1.4% intradꦚay 💝on its first day of trading.

Dublin, Ireland-based Flutter trades on the NYSE under the ticker FLUT, making it easier for U.S. investors to purchase a stake in the international sportsbook, which previously traded over-the-counter in the U.S. under the ticker PDYPY. The company will retain its primary listing on the 澳洲幸运5官方开奖结果体彩网:London Stock Exchange under the t🧸icker FLTR and has suspended ℱits secondary listing on Euronext Dublin.

The news comes less than two weeks ahead of Super Bowl LVIII, one of the biggest sports betting events in the U.S., and just days after Flutter reported strong Q4 earnings. Despite "customer friendly" outcomes in the quarter, expanding margins and strong revenue growth in the U.S. helped to offset headwinds.

"This is a pivotal moment for the Group as we make Flutter more accessible to US based investors and gain access to deeper capital markets," CEO Peter Jackson said in a news release. Jackson called the NYSE a "natural home for Flutter," citing Fanduel's "#1 position" in American markets.

FanDuel is the top U.S. sportsbook by net revenue, occupying a hefty 51% of market share in Q4 of 2023. Measured by gross revenue, its market share of 43% slightly lags competitor DraftKings (DKNG), which has performed better in New York, the biggest sports betting state in the country, and has recently taken the edge in iGaming overall, an umbrella category for online gambling that includes eSports, online casinos, and poker as well as sports betting. Prior to August 2023, FanDuel had been the industry 𝄹leader in the iGaming segment for seꦿveral years.

While a major competitor landing on American shores could be a cause for concern, analysts aren't too worried about FLUT's listing hurting DKNG shares. “I don’t see [the risk] of folks rotating from DraftKings to Flutter purely off the listing,” Stifel analyst Jeffrey Stantial reportedly said last week. Stantial said the major differentiator for investors could be Flutter's international reach versus DraftKings's domestic focus. DraftKing investors may also be reassured by last week's news that the company is working on a partnership with Barstool Sports, a subsidiary of Penn Entertainment (PENN).