Global wagering giant Flutter is going all-in on its American expansion strategy, confirming it will seek to move its primary public listing to the New York Stock Exchange.

On the same day it launched its secondary listing in New York, Flutter, which owns global betting powerhouses Paddy Power, Fanduel, Betfair and SkyBet as well as Australia’s biggest corporate bookmaker Sportsbet, has said it intends to seek a primary listing in the United States in May.

Headquartered in Ireland, Flutter believes effectively quitting UK’s FTSE 100 to join the main game in New York will position it much better for growth as it seeks to build on its interest in the booming American wagering market.

"We believe a US primary listing is the natural home for Flutter given Fanduel's #1 position in the US, a market which we expect to contribute the largest proportion of profits in the near future," chief executive Peter Jackson said in a statement.

The move requires 75 per cent shareholder approval, expected to be put forward in May, while the board plans to retain a secondary listing in the UK after the move but a primary listing is required for inclusion in the FTSE 100.

US-based investors own 53 per cent of Flutter’s shares, according to Bloomberg.

Flutter is one of the top 20 companies on the UK FTSE 100, with a valuation of around £29 billion. Its shares on the UK market fell 1.4 per cent immediately after the announcement, ending down 0.9 per cent.

Flutter recently confirmed that its revenue for 2023 grew 38 per cent year on year in the United States, while its global revenue grew 24 per cent.

Among its challenges in the United Kingdom and Europe is tighter regulation on wagering, something that is also impacting its Sportsbet business in Australia.

Racing leads year-on-year wagering revenue decline for Sportsbet
The parent company of Australian market leader Sportsbet has reported a significant drop in overall revenue in 2023, with turnover on racing cited as a major contributing factor.

Flutter confirmed Sportsbet experienced a year-on-year revenue decline of nine per cent in 2023, driven largely by a decline in racing turnover.

More detailed projections for 2024 are expected when Flutter releases its next major update in March.