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Parent company of FanDuel begins NYSE trading as online betting industry booms

Flutter CEO Peter Jackson and former NFL player Rob Gronkowski (with arms raised, R) help ring the opening bell at the New York Stock Exchange on Monday. Photo by John Angelillo/UPI
Flutter CEO Peter Jackson and former NFL player Rob Gronkowski (with arms raised, R) help ring the opening bell at the New York Stock Exchange on Monday. Photo by John Angelillo/UPI

Jan. 29 (UPI) -- The world of online betting is getting more competitive now that the parent company for FanDuel on Monday was listed on the New York Stock Exchange in its second and primary listing after the London Stock Exchange.

Flutter -- FanDuel's parent company -- was listed on the NYSE in what is its first U.S. listing under the FLUT designation after Flutter previously was placed for trading on London's exchange.

FanDuel is Flutter's largest and most important U.S. market for revenue growth and, along with DraftKings, is among the top performing online gaming platforms.

Former National Football League tight end Rob Gronkowski was on hand during Monday's show at the NYSE for FanDuel.

In mid-January, Flutter's CEO said the U.S. listing will enable the company to "access deeper capital markets," as well as make Flutter more accessible to further American investment in an industry now estimated to be worth more than $37 billion in the United States.

A banner for Flutter hangs at the entrance to the New York Stock Exchange on Wall Street on Monday. The online betting industry in the United States is estimated to be worth over $37 billion. File Photo by John Angelillo/UPI
A banner for Flutter hangs at the entrance to the New York Stock Exchange on Wall Street on Monday. The online betting industry in the United States is estimated to be worth over $37 billion. File Photo by John Angelillo/UPI

In Europe, where Flutter was first listed, the company said in an effort to minimizes its regulatory complexities with the new U.S. listing that it will delist shares but will stay an incorporated company in Ireland for tax reasons.

Joining the likes of DraftKing and FanDuel are Caesars Sportsbook and the newly-relauched ESPN Bet. FanDuel's CEO said in October that the company was ready for next steps and that their growth strategy "is going to matter."

Former NFL tight end Rob Gronkowski rings the bell on the floor of the New York Stock Exchange on Monday, officially launching trading of Flutter under the ticker symbol FLUT. Photo by John Angelillo/UPI
Former NFL tight end Rob Gronkowski rings the bell on the floor of the New York Stock Exchange on Monday, officially launching trading of Flutter under the ticker symbol FLUT. Photo by John Angelillo/UPI

"And we know that having the most distinctive product is going to matter," Amy Howe, FanDuel CEO, said in Las Vegas at the Global Gaming Expo.