Flutter to end London listing as gambling group shifts focus to New York

Flutter Entertainment will delist from the London Stock Exchange (LSE) on 3 August. This leaves the gambling group’s shares trading solely in New York.

The move ends a London-listed history dating back to Paddy Power’s flotation in December 2000. Flutter, which owns Paddy Power, Betfair, Sky Betting & Gaming and FanDuel, transferred its primary listing to the New York Stock Exchange in May 2024.

Flutter has attributed its London departure to limited trading volumes and the additional costs and regulatory requirements associated with maintaining two listings.

Flutter cuts final formal tie with London

Although the decision had been widely anticipated, it represents a symbolic loss for the London market.  Flutter has deep roots in the UK and Ireland. Several of its best-known brands continue to serve British customers.

Some UK investment funds whose mandates only allow them to hold LSE-listed shares may also be required to sell their stakes. However, analysts believe the practical effect on Flutter will be limited. This is because the company already conducts most of its share trading in New York.

Ben Robinson, managing partner at Corfai, described London as a “shrinking secondary line.” He said its trading volumes no longer justified the expense of maintaining the listing.

“The real loss is marginal and symbolic” – Ben Robinson, Corfai

The delisting comes during a difficult period for Flutter’s shares. These have fallen sharply over the past year. However, analysts have argued that the decline reflects concerns about the company’s US growth prospects rather than its choice of stock exchange.

UK tax rise increases pressure

Flutter’s departure also follows a substantial increase in the UK’s remote gaming duty. The rate rose to 40% of gross gaming revenue in April. This placed additional pressure on licensed online gambling operators.

Flutter has estimated that UK tax changes will reduce adjusted EBITDA by approximately $320m in 2026 before mitigation measures. The impact is expected to increase to $540m in 2027.

The company could seek to offset that cost through operational savings, reduced marketing spending or further growth in market share. Larger businesses like Flutter may be better positioned to absorb the increase than smaller competitors. This could potentially accelerate consolidation across the UK gambling market.

Robinson suggested the timing of the delisting could carry a wider message. It comes only months after the UK doubled remote gaming duty.

However, analysts generally agree that access to the larger and more liquid US capital market remains commercially attractive. Flutter’s immediate challenge will be proving that its American operations, led by FanDuel, can deliver the long-term growth that initially supported its move to New York.