International wagering company Flutter Entertainment’s move to a primary listing on the New York Stock Exchange has coincided with a change in its management structure.
Rob Coldrake will take over as Flutter’s group chief financial officer.
Coldrake has held the same role with Flutter International since 2020 and he will replace Paul Edgecliffe-Johnson who has left the company.
Flutter, the owner of leading Australian online bookmaker Sportsbet, said the new US primary listing will require management staff to spend more time in America.
Edgecliffe-Johnson, who had been CFO since 2020, has family commitments in the UK.
“I am delighted that Rob will become our next group CFO,” Flutter chief executive Peter Jackson said.
“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 switched from a secondary to primary NYSE listing last week.
Bren O’Brien
It follows the move of Flutter’s operational headquarters to New York, as the company tries to capitalise on a burgeoning US online wagering market.
Flutter has projected that it expects to generate almost 40 per cent of its revenues from its US operations in 2024.
Flutter is the owner wagering platform FanDuel, the No.1 online bookmaker in the US market.
FanDuel attracted more than 3.7 million new online customers in 2023, up 19 per cent on 2022.
Flutter’s Q1 2024 earnings report posted $US3.4 billion in revenue in Q1 2024, a 16 per cent increase year-over-year, spearheaded by FanDuel’s $US1.4 billion in revenue.
Staff Writer
It will maintain a secondary listing on the London Stock Exchange.
“We believe a US primary listing is the natural home for Flutter, given FanDuel’s No. 1 position in the US, a market which we expect to contribute the largest proportion of profits in the near future,” Jackson said when announcing NYSE plans in January.
While America is a major growth area for Flutter, a spluttering Australian wagering market is presenting challenges for the company.
Flutter reported that Sportsbet’s revenue declined $US22 million year-on-year through the first three months of 2024.
Australian wagering has been trending downwards with Sportsbet’s revenue in decline for the past five quarters.
In its latest annual earnings report, Sportsbet revealed overall revenue dropped by 7.1 per cent on 2022, and that trend continued in the first quarter of 2024, with a 6 per cent drop on the first quarter in 2023.
