Flutter Entertainment moved its primary listing to the New York Stock Exchange on Friday morning, completing a transition the company telegraphed during its first-quarter earnings call earlier this month.

Flutter, the parent company of FanDuel Sportsbook, indicated on the call that the U.S. is the natural home for the listing, underscoring the importance of the U.S. sports betting and iGaming market to its overall business.

FanDuel maintained the top position in the U.S. online sports betting market over the first quarter, commanding a market share of 52% in terms of net gaming revenue. Flutter made its debut on the NYSE in January after moving its secondary listing from Euronext Dublin to the New York exchange.

“Today marks an important milestone in the evolution of Flutter with the commencement of our primary listing on the New York Stock Exchange,” Flutter CEO Peter Jackson said in a statement. “This closely follows the recent move of our operational headquarters to New York. We have a fantastic position in the U.S., with FanDuel the clear number one operator, and we look forward to this next step on our journey.”

In conjunction with the move, the company announced that Flutter Chief Financial Officer Paul Edgecliffe-Johnson will leave the group, effective immediately. Edgecliffe-Johnson will be replaced by Rob Coldrake, who joined the company in 2020.

In light of his family commitments in the U.K., the Flutter board engaged in a discussion with Edgecliffe-Johnson prior to the listing change. Due to the extensive time requirements in the U.S., the board concluded that it would be in the best interest of the company for Edgecliffe-Johnson to step down from his role as group CFO, Flutter wrote in a regulatory filing.

Before the leadership change, Coldrake served as CFO of Flutter International, a role he has held since joining the group four years ago. Coldrake previously spent 14 years at TUI Travel, a British leisure travel group. The executive began his career at PricewaterhouseCoopers, one of the world’s largest accounting firms.

“The Board welcomes the appointment of Rob as Group CFO and is especially delighted we were able to develop such a high-quality executive within our own business,” said John Bryant, chair of the Flutter board. “We look forward to working with him and the team into the future. I would also like to take the opportunity to wish Paul well and to thank him for his contribution to the Group.”

Commenting on Coldrake’s appointment, Jackson added: “During his four years at Flutter, he has shown himself to be a CFO of exceptional caliber, and his skills and experience will help us to take advantage of the significant opportunities before us.”

Flutter shareholders approved the listing change earlier this year, as approximately 98% of voting shareholders backed the move.

The transition to a U.S. primary listing will have global reverberations with London’s FTSE 100 expected to lose more than £22 billion ($28 billion) as a result of the change.

Online betting firm Flutter names Rob Coldrake as new group CFO https://t.co/4H4zvFrwTw

— Alfonso Straffon (@astraffon) May 31, 2024

Flutter will continue to trade on the London Stock Exchange’s standard listing segment, the company wrote in a filing with the U.S. Securities and Exchange Commission (SEC). Flutter shares initially dropped 6% in London before rallying on Friday to recover most of the losses.

Beyond the primary listing, Flutter’s next goal may be index inclusion on the S&P 500, JMP Securities analyst Jordan Bender wrote in an analyst note. While the index does not have an online gaming company at the moment, Flutter meets “nearly all criteria,” as a candidate for inclusion, according to JMP. The analyst cited Flutter’s profitability and global scale for potential inclusion.

In New York, Flutter traded around $191.50 in Friday’s morning session, up about 2%.

Both Flutter and DraftKings suffered sharp losses earlier in the week after the Illinois legislature approved a bill on progressive rate changes to the state’s sports betting tax structure.

Under the proposed change, the highest tax rate will increase to 40% of an operator’s adjusted gross sports betting revenue from a current flat rate of 15%.

The amendments to HB 4951 in the Illinois House of Representatives establish thresholds for annual revenue, with tranches ranging between 20% and 40%. Operators will be taxed at 20% for their first $30 million in adjusted gross revenue with gradual steps up for exceeding certain thresholds.

— Sports Handle (@sports_handle) May 29, 2024

Operators will be taxed at 35% for revenue between $100 million to $200 million and 40% for all revenue above $200 million, the highest level.

A coalition for leading sportsbooks that includes FanDuel, DraftKings, and BetMGM, criticized the decision, adding that it would prompt operators to re-evaluate their “level of investment and participation in the state.”

The top level still falls below the 51% levied in New York, which is tied with New Hampshire for the highest in the nation. In the Empire State, FanDuel and DraftKings have maintained a “structural advantage,” over smaller operators, which have been more reticent to reinvest in their product, according to JMP.

“The graduated structure changes that equation where the top companies can’t structurally gain a strategic foothold in tougher regulatory environments, creating a more even playing field when it comes to the tax environment,” Bender wrote.

Nevertheless, JMP maintained a “market outperform,” rating on Flutter with a $246 price target. Potential index inclusion on the S&P 500, as well as improved liquidity levels, act as catalysts for the stock, according to JMP. Flutter debuted on the NYSE in January at upwards of $200 a share.