For Monday’s listing ceremony at the New York Stock Exchange, Flutter brought out the stars.

Flutter CEO Peter Jackson traveled across the Atlantic for Monday’s bell ringing, where the gambling conglomerate debuted at upwards of $200 a share. He was joined by FanDuel counterpart Amy Howe and Kay Adams, host of an eponymous morning show on FanDuel TV. Finally, Rob Gronkowski paraded around the famed trading floor with a FanDuel drum line, then punctuated the listing with a patented spike, reminding investors of his touchdown celebrations with the New England Patriots.

Nearly six years after the Supreme Court’s PASPA decision, Flutter’s secondary listing on the NYSE represents one of the most noteworthy achievements for the gaming giant, according to Howe, the CEO of FanDuel.

FanDuel ended last year as the nation’s leader in online sports betting (OSB) with a U.S. market share of 51% by net revenue. The operator, the definitive leader on the OSB market, is the first major U.S. sportsbook that delivered profitability since PASPA.

“It’s a monumental day to be listed on the New York Stock Exchange,” Howe told Adams on the trading floor. “I think it’s a moment of pride and gratitude to look at what we have accomplished over a short period of time.”

As outlined last February when Flutter first announced the move, the company’s board believes the secondary listing will unlock a wide range of new benefits. By listing its shares on the NYSE, the primary stock exchange in the U.S., the board is optimistic that the company will gain access to deeper capital markets thereby providing greater liquidity to Flutter shares.

While Flutter confirmed the cancellation of its secondary listing on Euronext Dublin, the company has retained its primary listing on the London Stock Exchange.

FanDuel's parent company Flutter was listed on the NYSE and they brought out Gronk to celebratepic.twitter.com/T1nlDiAvKF

— Morning Brew ☕️ (@MorningBrew) January 29, 2024

Among large firms, institutional investors owned approximately 46% of Flutter shares as of last October. Last fall, two prominent asset managers, Caledonia Investments and BlackRock, were among the top three shareholders of Flutter. At the time, the top 16 shareholders of Flutter owned a combined 50% stake in the company, making it difficult for activist investors to exert control over the company.

BlackRock is also a top shareholder of DraftKings, ranking second among institutional owners behind Vanguard Group Inc, as of Sept. 30. According to Nasdaq, institutional holdings account for roughly 63.7% of DraftKings’ shares, comprising about $11.8 billion. Rick Heitzmann, co-founder of FirstMark, an early investor in DraftKings, told CNBC on Monday that Flutter’s U.S. listing is a “validation,” of the sports betting market. Heitzmann expects the market to triple or quadruple over the next few years, creating additional growth opportunities for the top operators.

With the rollout of ESPN BET and Fanatics Sportsbook over the last year, FanDuel has dealt with increased competition from prominent mainstream brands.  For Monday’s listing, Eilers & Krejcik Gaming conducted a surface-level SWOT analysis on FanDuel. On one hand, FanDuel outranks the field in nearly every category, especially as it relates to OSB product and operational execution, according to E&K research and product testing. On the other, product enhancements from competitors that may chip away at FanDuel’s lead loom as a threat.

For her part, Howe articulated FanDuel’s scale during Monday’s appearance on the “Up And Adams,” show. A day earlier, during NFL Championship Sunday, FanDuel processed about 60,000 bets per second, according to Howe. For the Super Bowl, FanDuel plans to offer at least 600 different markets, she added.

Moving forward, FanDuel can capitalize on further opportunities by differentiating itself through the operator’s Same Game Parlay offerings and multi-branding in online casino, according to Chris Krafcik, managing director of sports betting and emerging verticals at Eilers & Krejcik.

— Chris Krafcik (@ckrafcik) January 29, 2024

For now, Jackson has no intention of spinning off FanDuel as a separate company, telling Bloomberg, that he believes FanDuel benefits from the so-called “Flutter Edge.” In Jackson’s view, Flutter’s vast resources globally from tech and product support have enabled FanDuel to ascend to the top spot in the U.S. Moreover, Jackson is confident in FanDuel’s growth potential, as the nation’s two most populous states (California and Texas) have yet to legalize sports betting.

In May, Flutter will ask shareholders to approve a measure that will lead to the company’s primary listing in New York. If approved, Flutter plans to designate the NYSE as its primary listing by the second half of this year.

“We feel like there is a home here in New York,” Jackson told Bloomberg TV. “When I look at the volumes in trading in the U.S., it feels like the right thing to do. I’m very confident that shareholders will be supportive.”