Flutter Entertainment Records its Best NYSE Closing Price

The parent company of one of our best sports betting sites recorded its best-ever closing price on the New York Stock Exchange (NYSE) on Thursday, Nov. 14. 

Flutter Entertainment (NYSE: FLUT), which operates sportsbook behemoth and real-money online casino FanDuel, closed at $267.00 a share last Thursday. It's the company's highest closing price since it began trading on the NYSE earlier this year. But a record-high was hardly news for the company last week. 

Because while Thursday's high watermark broke its previous record, that number stood for only 24 hours. Trading had closed at $265.52 on Wednesday, which had bested a record which was set on Monday ($251.01). To say it was a successful week would be an understatement, but for a company that's shown positive growth, there's still plenty of untapped opportunities on the horizon. 

New York state of mind

It's been a busy calendar year for Flutter. 

When the calendar flipped, the company operated on the London Stock Exchange and Euronext Dublin. Still, an early January move saw it delist from Euronext and take up the NYSE as a secondary listing. Five months later, the company made a promise and flipped the two, with the NYSE becoming its primary listing and London becoming its secondary. 

At the time, Peter Jackson, CEO of Flutter Entertainment, said: "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."

"We have a fantastic position in the U.S., with FanDuel the clear No. 1 operator, and we look forward to this next step on our journey,” he added.

The move also made sense simply because the valuations on the American market were much higher than what they had achieved in Europe. Stock closed at $192.09 immediately following the move. That's just shy of 40% growth in just six months. 

The change to a U.S.-based stock exchange and the head office move also came with a new CFO, as Paul Edgecliffe-Johnson was replaced by Rob Coldrake.

Growth and future plans

The growth hasn't gone unnoticed. In June, Flutter was named in TIME Magazine's Top 100 Influential Companies worldwide list. Its first-quarter earnings report had impressed insiders, with the company reporting a 16% year-over-year revenue spike while reporting $3.4 billion in revenue. 

TIME's press release noted that the company had 13.7 million monthly players registered as of March 31, and projections were that those numbers would increase. While many factors exist to drive that growth, the fact that you don't even need a FanDuel promo code to take advantage of the sportsbook's offerings certainly doesn't hurt. 

FanDuel has also benefitted from the growth in women's sport. The rising popularity of professional women's sports leagues has ushered in a new era of betting. 

Suzanna Brower, Talent Partnerships Senior Director at FanDuel, said: “As the audience for women’s sports continues to grow at an unprecedented rate, our partnership landscape is evolving to reflect new investments centered on female sports. We try and work with partners that have audiences that we haven’t necessarily tapped into yet. We want to really diversify our audience to bring new people into FanDuel.”

But really, the sky is the limit. 

Speaking exclusively with , Jackson noted, “The thing that’s worth remembering, of course, is that while everything's big in America, the opportunity outside of America is even bigger.”