On Friday, Flutter Entertainment Plc (NYSE: FLUT) shares initially fell in the premarket session following the announcement of CFO Paul Edgecliffe-Johnson’s immediate departure. However, the stock later rebounded and was trading higher by the end of the day.
Flutter Entertainment has appointed Rob Coldrake as its new CFO to focus on the American market as the company shifts its primary share listing from London to New York. This move is in response to the growing importance of the U.S. market, which has seen significant growth due to relaxed gambling laws. Despite this transition, Flutter Entertainment has faced challenges, including a revived shareholder lawsuit against the combination of FanDuel with Flutter and a new tax on sports betting in Illinois affecting the company’s shares. In March, Flutter reported strong financial results for fiscal 2023, with revenue up 24.6% year over year to $11.79 billion.
Flutter Entertainment stock has experienced a 4% loss in the last 12 months. Investors interested in the sports betting and gambling sector can explore opportunities through funds like the VanEck Video Gaming And Esports ETF (NASDAQ: ESPO) and Global X Video Games & Esports ETF (NASDAQ: HERO). As of the end of Friday’s trading session, FLUT shares were up 1.76% to $191.20. Investors looking for more stock analysis can find updates on Benzinga.com.
