Flutter Entertainment shares rally ahead of U.S. listing

 Ahead of its anticipated IPO on the American stock exchange, Flutter Entertainment's shares surged in London on Thursday.

  However, the owner of FanDuel issued a warning, stating that a run of positive sporting outcomes would lead to lower-than-expected revenue.

 The shares of Flutter Entertainment FLTR, -1.09% surged 11% in anticipation of their scheduled January 29 U.S.

  listing on the New York Stock Exchange. Flutter intends to withdraw from Euronext Dublin but keep its main listing in London.

 According to Russ Mould, investment director at AJ Bell, "investors were able to look past a hit from customer-friendly sporting results in the U.S.

 at Flutter Entertainment due to excitement about the company's imminent U.S. stock market listing and commentary around continued momentum in the business."

 "The company's strategy is largely focused on taking advantage of a rising potential in the United States, thus the goal is that the U.S. listing would result in a greater valuation for the company.

  A vast new market has been created by the legalization of sports betting in most of the United States, which numerous British bookmakers are attempting to enter, with differing degrees of success.

 As of the fourth quarter, FanDuel is still the "clear number one sportsbook" in the United States, according to Flutter. 

 The competitor of DraftKings DKNG, -3.58%, Penn Entertainment PENN, +0.75%, and others reported that U.S. revenue for the fourth quarter of 2018 would be $1.42 billion, $225 million less than previously anticipated.

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