Flutter group CFO leaves as primary listing moves to NYSE

Flutter group CFO leaves as primary listing moves to NYSE
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Flutter’s group chief financial officer and executive director Paul Edgecliffe-Johnson has left the company amid the relocation of its primary listing to the New York Stock Exchange.

The FanDuel owner said that the new primary U.S. listing will require executive management staff to spend extensive time in the U.S. Consequently, the board decided it was best for Edgecliffe-Johnson, who had held the role since March 2023 but has family commitments in the U.K., to step down.

He will be replaced as group CFO by Rob Coldrake, who was most recently in the same role with Flutter International since 2020.

“I am delighted that Rob will become our next group CFO,” said Flutter CEO Peter Jackson. “During his four years at Flutter, he has shown himself to be a CFO of exceptional caliber and his skills and experience will help us to take advantage of the significant opportunities before us.

“I would like to thank Paul for his contribution to the group, particularly in relation to achieving our U.S. primary listing, and I wish him and his family well.”

On Coldrake’s appointment, Flutter Chair John Bryant noted that the board is “especially delighted we were able to develop such a high-quality executive within our own business.”

Flutter will retain its London Stock Exchange listing as a secondary listing.

“Today marks an important milestone in the evolution of Flutter with the commencement of our primary listing on the New York Stock Exchange,” said Jackson. “This closely follows the recent move of our operational headquarters to New York, with both reflecting the increasing importance of the U.S. sports betting and iGaming market to our business.”

Flutter looking to build on FanDuel success

Flutter first began trading on the NYSE in January as a secondary listing.

At that time, Jackson said the company hoped relocating the primary listing would help build upon the market-leading success of FanDuel in the U.S.

“We believe a U.S. primary listing is the natural home for Flutter, given FanDuel’s No. 1 position in the U.S., a market which we expect to contribute the largest proportion of profits in the near future,” said Jackson in January.

FanDuel captured more than 3.7 million new online bettors and gamers in 2023, up 19% from the previous year.

“We have a fantastic position in the U.S., with FanDuel the clear number one operator,” added Jackson upon the completion of the listing relocation. “We look forward to this next step on our journey.”

Flutter has projected that it expects to generate almost 40% of its revenues from its U.S. operations this year. That would make America its largest market by revenue.

Flutter’s Q1 2024 earnings report posted $3.4 billion in revenue in Q1 2024, a 16% increase year-over-year, spearheaded by FanDuel’s $1.4 billion in revenue.

FanDuel reported a 52% online net gaming revenue market share in Q4 2024 while FanDuel Casino was the top iGaming brand. Its igaming GGR share rose 4% year-over-year to 27%.

The FanDuel brand launched in two new markets last quarter, Vermont and North Carolina. It reported that within the first 45 days of regulated wagering in the latter, 5.3% of the adult population signed up for its product, making it one of the operator’s most successful launches to date.