Flutter Group‘s CFO and CEO, Paul Edgecliffe-Johnson, has stepped down prior to the company’s initial listing on the New York Stock Exchange.
Previously, it was announced that the US listing would require the executive management to spend considerable time in the US. Due to this and family commitments, Edgecliffe-Johnson, who assumed the role in March 2023, will step down. He will be succeeded by Rob Coldrake, who has held a similar role at Flutter International.
Flutter CEO Peter Jackson said: “I am delighted that Rob will be our next Group CFO. Over the four years he has served at Flutter, he has proven himself to be an exceptional CFO. His skills and experience will help us capitalize on the significant opportunities ahead. I would like to thank Paul for his contribution, particularly in achieving our primary listing in the US, and I wish him and his family all the best.”
Flutter will maintain its listing on the London Stock Exchange as a secondary market.
Jackson added: “Today marks an important milestone in Flutter’s development with the commencement of our primary listing on the New York Stock Exchange. This aligns closely with the recent move of our operational headquarters to New York, reflecting the growing importance of the US sports betting and iGaming markets to our business.”
Flutter began trading on the NYSE in January as a secondary listing. At the time, Jackson expressed hope that the move to a primary listing would build on FanDuel’s market-leading success in the US.
FanDuel attracted more than 3.7 million new online and retail players in 2023, a 19% increase year-over-year.
Flutter forecasts that nearly 40% of its revenue will come from the US this year, making it the company’s largest revenue market. Flutter reported $3.4 billion in Q1 2024 revenue, a 16% increase year-over-year. FanDuel contributed $1.4 billion of that total.
FanDuel reported a 52% net market share in online gaming, with FanDuel Casino being the leading iGaming brand. Its GGR share in the gaming sector increased 4% year-over-year to 27%.
The FanDuel brand launched in two new markets last quarter, Vermont and North Carolina. Within the first 45 days, 5.3% of the adult population signed up for FanDuel.
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