Flutter, the parent company of FanDuel, is moving its primary listing from the U.K. to the U.S., potentially attracting more investor interest as it joins the big leagues.

Online betting giant Flutter Entertainment is making moves to solidify its corporate presence in the U.S. in order to compete with its sports gambling rivals, according to UBS. The Dublin-based parent company of FanDuel recently launched a secondary listing of its shares on the New York Stock Exchange on Jan. 29. Shareholders have approved a change to make the NYSE the primary listing for their stock starting May 31. Flutter is a major player in sports betting both in the U.S. and internationally, but its U.S.-traded shares are not as actively traded as competitors like DraftKings or Penn Entertainment. This has led to a valuation discount for Flutter compared to DraftKings, but UBS analyst Ben Shelley believes that the primary listing change could help close these gaps.

Flutter is following a trend of companies shifting their primary listing to the U.S., with positive outcomes for companies like CRH and Ferguson who made similar moves in recent years. These companies experienced increased trading activity, higher valuations, and more U.S. ownership after transitioning their primary listing. Shelley noted that Flutter’s business is not a direct comparison with its sports betting peers, as it also includes international assets like European sports gambling firm Paddy Power. Despite the complexity of Flutter’s business, UBS is confident that U.S. investors should not be deterred, as they see Flutter’s business outside the U.S. as undervalued compared to its competitors.

Flutter’s shares have seen a 15% increase year to date, which is slightly behind the 23% increase for DraftKings. In comparison, shares of MGM International and Penn Entertainment are down 9% and 40%, respectively. While Flutter’s business model differs from its counterparts, UBS remains optimistic about the company’s prospects in the U.S. market, especially with the upcoming change in its primary listing to the NYSE. This shift could potentially attract more U.S. investors, increase trading liquidity, and lead to a higher valuation for the company. With its strong position in the online gambling industry and a diverse portfolio of international assets, Flutter Entertainment is poised for growth and success in the competitive sports betting market.