Flutter Entertainment (NYSE:FLUT) shares fell in pre-market trading on Friday after the company announced the immediate departure of Chief Financial Officer Paul Edgecliffe-Johnson and the appointment of Rob Coldlake as his successor.
Shares have reversed declines and are rising at last check on Friday.
Coldlake, who has served as CFO of Flutter’s international business since 2020, will take on a new role focused on the U.S. market.
The international sports betting and gambling company is moving its primary stock listing from London to New York as the relaxed gambling laws that have spurred growth make the U.S. market its most visible market, Bloomberg reported. Reports.
But the transition has not come without challenges: A New York court reopened a shareholder lawsuit challenging the FanDuel-Flutter merger, and new taxes on sports betting in Illinois temporarily impacted the company’s stock price.
March, Flutter Entertainment 2023 Report Revenues increased 24.6% year over year to $11.79 billion. Adjusted EBITDA increased 45.4% to $1.87 billion and adjusted EPS increased 25.8% to $3.51.
Flutter Entertainment shares have fallen 4% over the past 12 months. Investors can gain exposure to the sports betting and gambling sector in the following ways: VanEck Video Games and Esports ETF (NASDAQ:ESPO) and Global X Video Games & Esports ETF (NASDAQ:HERO).
Price Trends: FLUT shares were up 1.76% and trading at $191.20 as of last check on Friday.
Photo courtesy of the company
“Active Investors’ Secret Weapon” Step Up Your Stock Market Game with the #1 “News and Everything Else” Trading Tool: Benzinga Pro – Click here to start your 14-day trial now.
Want the latest stock analysis from Benzinga?
This article What’s happening at sports betting and gambling company Flutter Entertainment on Friday? Originally Benzinga
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.