The sports betting operator Flutter Entertainment will delist from the London Stock Exchange, but plans to retain its primary listing in New York.
The move comes two years after the firm, which operates the FanDuel and Paddy Power brands, ditched its primary Irish listing on the Euronext Dublin exchange in favor of the Big Apple.
In a statement released on Friday, Flutter said it plans to remove its ordinary shares from the LSE on August 3. The firm blamed high administrative costs, with trading activity also a notable issue.
Flutter share prices fell sharply after the London market opened but have since recovered almost fully, trading around 0.3% below their level on June 11.
In New York, the firm has seen share price growth over the past month, with its stock trading some 16% higher than in May.
Flutter to Delist: What We Know
The writing appeared to be on the wall for Flutter’s London listing back in early May, when the firm said it was reviewing its secondary listing.
Flutter CEO Peter Jackson has taken aim at British regulators on multiple occasions, bemoaning the Gambling Commission’s new affordability check protocols.
The commission has been piloting the checks since 2024 and envisions a system in which operators use credit reference agencies to screen patrons for evidence of bankruptcy or financial hardship. But Jackson said the tests have not demonstrated the checks will be a success.
“The industry pilot shows they will not be ‘frictionless.’ Far from it,” the Racing Post quoted the Flutter CEO as saying last month.
Jackson also called on the commission to rethink its plans.
Rocky Financial Waters?
The financial picture for Flutter remains in flux. Earlier this week, FanDuel announced a third round of job cuts, with sources claiming that hundreds of staff were let go.
The news came just weeks after FanDuel parted ways with its long-serving CEO, Amy Howe, and lowered its full-year revenue and adjusted earnings projections by $100 million each.
Flutter also blamed customer-friendly sports results for a $40-50 million cut in 2025 profit forecasts in November last year.
First-quarter 2026 results were a mixed bag for Flutter, with total revenue rising 17% year-on-year to $4.3 billion. It reported strong iGaming sales, as well as a deal for the Brazilian sportsbook operator Betnacional.
But net income dropped 38% to $209 million, with the firm citing higher financing and amortization costs.
On the London Stock Exchange, Flutter has also experienced mixed results at the hands of traders. Its share price is down almost 60% over the past year, and the firm has not paid dividends since May 2020.
At the time of writing, its market cap on the LSE is around $19.29 billion.
London Exodus
Flutter’s history on the LSE stretches back to 2000, when the then-Paddy Power operator Paddy Leisure listed in London. The firm then rebranded to Paddy Power Betfair following a merger with the Betfair Group.
After Flutter’s 2019 takeover, the group adopted the new ticker FLTR.
Flutter’s exit comes as a growing number of gambling operators leave the British capital. Evoke, formerly 888 Holdings, is set to leave the LSE following a takeover deal with the Greece-based gaming and lottery firm Bally’s Intralot.
In 2021, William Hill, one of the biggest names in the UK sportsbook scene, quit the LSE after a takeover deal with the casino firm Caesars Entertainment.
The bigger picture for exchange-listed gambling operators is also uncertain, amid reports that hedge funds have made billions of dollars taking short positions against them.
