Proactive Investors - Flutter Entertainment (LON:FLTRF) (LSE:FLTR) on Monday said it plans to move its main stock listing to the US in the latest blow to London's ailing stock market.
The Paddy Power owner made the announcement as shares in the firm prepare to debut in the US.
Chief executive Peter Jackson said: "With our NYSE listing effective today, 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.
"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."
Flutter believes that the NYSE is now the optimal location for the primary listing of its shares, and that the transition should be made as soon as practicable.
It plans to put the proposal to shareholders as a special resolution at the 2024 AGM on 1 May 2024.
If approved, it could see the main listing transfer to the US in the second or third quarter.
Flutter will retain its UK listing as a secondary listing.