Flutter Entertainment's Revenue Surge Boosts Shares Ahead of US Listing

Flutter Entertainment, the parent company of well-known betting platforms Betfair and Paddy Power, experienced a substantial upswing in its stock value following an impressive increase in sales. The growth in revenue, reported to be nearly a quarter increase from the previous year, propelled Flutter's shares to climb by 15.3%, which translates to an increase of 2025 pence, resulting in a closing share price of 15,225 pence.

The final quarter of 2023 was particularly strong for Flutter, with revenues rising by 15% to reach £2.7 billion. Over the course of the financial year, sales saw a 24% boost, taking the total up to £9.5 billion, even in the face of significant payouts in the US related to American football bets.

Amid this financial success, the Dublin-based gambling group continues to advance its global reach with plans for a New York listing. Despite maintaining its primary listing in London, Flutter anticipates beginning to trade shares on the US stock exchange this month.

Chief executive Peter Jackson expressed the strategic importance of the US listing, indicating it as a 'pivotal moment' for increasing Flutter's visibility to American investors and tapping into more expansive capital markets.

The positive news from Flutter contrasted with varied performances among its competitors. Entain, owner of Ladbrokes and Coral, also experienced a lift in shares by 6.1%, closing at 949.6 pence. On the other hand, 888, the company behind William Hill, had a modest share increase of 1.3%, ending at 80.8 pence.

In the broader market, the FTSE 100 saw a slight rise of 0.2%, and the FTSE 250 enjoyed a 0.4% increase. Meanwhile, other sectors, such as the energy industry and retail, displayed a mixed landscape of gains and setbacks.

Flutter, Gambling, Stocks