Flutter, the parent company of the USA’s current top sportsbook, FanDuel, hit the New York Stock Exchange this week. If North Carolina sports bettors want to know which operators to trust, they need look no further than FanDuel.
In a news release, Flutter CEO Peter Jackson said, “This is a pivotal moment for the Group as we make Flutter more accessible to U.S.-based investors and gain access to deeper capital markets. Jackson described the NYSE as a “natural home for flutter”, in the context of FanDuel’s #1 position in the American sportsbook market.
North Carolina online sports betting won’t launch until March 11. NC sports bettors can begin downloading apps like FanDuel starting March 1. That’s a good time to compare promo offers and read responsible gambling content.
Flutter’s first day of public trading ends on an uptick
Flutter Entertainment began trading on the New York Stock Exchange on January 29, ending the first day of trading at $205.50, 0.24% up from its original list price. At the day’s highest, shares were up 1.4% before retreating.
Trading under the ticket FLUT, the IPO makes purchasing a stake in the international sportsbook easier for American investors. The company will retain its listing on the London Stock Exchange under the FLTR ticket and has suspended its secondary listing on Euronext Dublin.
Despite supporting customer-friendly outcomes in Q4, Flutter reported strong earnings in the quarter, publishing its financial report days before its listing on the New York Stock Exchange. Expanding margins and strong revenue growth in the U.S. have allowed it to offset the headwinds it faced over the year.
FanDuel and DraftKings continue to duel for top billing in NC
FanDuel currently tops the standings for U.S. sportsbooks by net revenue. The same should hold for North Carolina.
As of Q4 2023, it occupies 51% of the market. If measured by gross revenue, its market share of 43% is slightly behind DraftKings (DKNG).
DraftKings has fared better in New York, a crucial market as the most prominent sports betting state in the country. It recently pulled ahead in the broader iGaming category, which covers iGaming, online casinos, poker, and sports betting. For the moment, North Carolina’s market will only feature sports betting. Casinos, both retail and online, are at least two years from a real chance at passage.
FanDuel was the industry leader in the iGaming segment until August 2023.
With Flutter initiating efforts to move its primary stock listing from London to New York, DraftKings investors are reassured that the listing won’t draw attention away from the company. According to Stifel analyst Jeffery Stantial, investors would only choose Flutter over DraftKings if they wanted to expand internationally.
North Carolina to launch online sports betting before ACC Tournament
With so much public support behind it, FanDuel has its eyes set on the North Carolina sports betting market. The March 11 launch date means NC sports bettors can place legal bets on the ACC Tournament and March Madness.
The state will be a proving ground for FanDuel as it looks to ride Q4 success and secure a big share of the NC pie.
Both FanDuel and DraftKings will soon come under attack from Penn Entertainment under the guise of ESPN Bet. The new platform burst onto the scene in November 2023 and quickly secured 2% of the market share.
There are millions of potential customers waiting in North Carolina, and FanDuel’s high trust factor could play a pivotal role in its success in the state.
Flutter’s New York Stock Market Debut comes two weeks ahead of Super Bowl 58. North Carolinians won’t legally be able to bet on the game this year. With the game expecting to break records for betting handle and BetMGM tying up with X for real-time betting statistics, competition for the North Carolina market is likely to heat up through 2024.
Image Credit: Associated Press