Paddy Power owner Flutter Entertainment confirmed today that its primary listing is now on the New York Stock Exchange.
Earlier this month, Flutter shareholders overwhelmingly backed the transfer of its listing to New York at its AGM in Dublin.
Flutter, the world's largest online betting company, had delisted from the Irish stock exchange, Euronext Dublin, earlier this year.
"Today marks an important milestone in the evolution of Flutter with the commencement of our primary listing on the New York Stock Exchange," Flutter's chief executive Peter Jackson said.
"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," the CEO said.
"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," he added.
Since February 2023, the company said it has engaged widely with US investors, existing and potential, along with existing shareholders globally.
"The feedback received has been very supportive of moving Flutter's primary listing to the United States," it said.
"The first step in this process was achieved on January 29, 2024, with the additional listing of Flutter's ordinary shares on the NYSE," Flutter said.
"On May 1, 2024, shareholders passed the special resolution to transfer Flutter’s listing category from a Premium Listing to a Standard Listing on the London Stock Exchange, which has taken effect today," it stated.
"Hereafter, Flutter’s primary listing will be on the NYSE," it concluded.
Flutter management has previously described the US primary listing as "the natural home for the group".
AJ Bell analyst Laith Khalaf said the move by Flutter from London to New York gives the idea that the London Stock Exchange is "yesterday's market" amid concerns that UK-listed companies are undervalued compared with similar rivals traded on Wall Street.
At the end of last year, British chip designer Arm chose Wall Street over London for its stock market flotation.
Building materials giant CRH has also transferred its primary listing from London to New York, while it has also left the Dublin stock exchange.
Energy giant Shell has hinted it could cross the Atlantic, even if such a move was not on the agenda right now according to its leadership.
According to UK regulator, the Financial Conduct Authority, requests to float on the London Stock Exchange are at the lowest level in about six years.
Flutter announces Coldrake as new CFO
Flutter also said today that its group chief financial officer Paul Edgecliffe-Johnson will leave the company and will be succeeded by Rob Coldrake with immediate effect.
The company said that due to its new primary listing in New York and the consequent need for extensive executive management time to be spent in the US, it had engaged in talks with Mr 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," it added.
Rob Coldrake is currently chief financial officer of Flutter International, a role he has held since joining the group in 2020. He previously spent 14 years in TUI Travel in a variety of financial roles, having started his career with PricewaterhouseCoopers.
"I am delighted that Rob will become our next Group CFO. During his four years at Flutter, he has shown himself to be a CFO of exceptional calibre and his skills and experience will help us to take advantage of the significant opportunities before us," Flutter CEO Peter Jackson said.
"I would like to thank Paul for his contribution to the group, particularly in relation to achieving our US primary listing, and I wish him and his family well," he added.
