Flutter Entertainment, the gambling giant behind Paddy Power, Betfair and Sky Bet, is to scrap its London stock market listing entirely, delivering another blow to the capital’s status as a global financial hub. The company, which moved its primary listing to the New York Stock Exchange in 2024 but retained a secondary listing in London, will now trade exclusively on the NYSE. Its shares will be delisted from the London Stock Exchange on August 3, 2026, with the final day of trading on the LSE falling on July 31, 2026.
The decision follows a review launched in May 2025, after Flutter told shareholders it would examine the value of its London listing. The company has now concluded that it is in the best interests of the business and its shareholders to proceed with the delisting. Flutter cited persistently low trading volumes on the LSE, the “additional cost” of maintaining a secondary listing, and the “regulatory and administrative obligations” attached to the London market as key factors behind the move.
US strategy and financial headwinds
At the heart of Flutter’s decision is its accelerating focus on the United States, where its subsidiary FanDuel has become the market leader in sports betting. The company’s primary NYSE listing in January 2024 was a major step towards deepening its access to US investors and tapping into the deeper capital pools available across the Atlantic. Flutter is also investing in new ventures, including a US prediction markets business designed to compete with platforms such as Polymarket and Kalshi.
However, the firm has faced recent financial challenges. For the first quarter of 2026, Flutter reported revenue of $4.3 billion, a 17% rise year-on-year, but net income plunged 18% to $209 million. The company blamed unfavourable sports results, expenses linked to its launch in Arkansas, and changes in the way it reports PokerStars North America. In response, Flutter lowered its full-year 2026 guidance to $18.31 billion in revenue and $2.87 billion in adjusted EBITDA.
The company’s share price on the LSE has also suffered, falling by nearly 60% over the 12 months preceding the delisting announcement, with losses accelerating through early 2026. At the time of the announcement, Flutter was valued at almost £15 billion, well below its peak market capitalisation of more than $50 billion, driven largely by FanDuel’s earlier success. Even so, Flutter’s broader performance has been strong: for the fiscal year 2025, global revenue reached $16.38 billion, up 17% year-on-year, while in the fourth quarter of 2025 group revenue rose 25% and adjusted EBITDA increased 27%.
In a sign of ongoing turbulence in the US, total stake growth at Flutter’s US operations dropped 9% in Q1 2026. The company attributes this to non-structural factors, though some analysts suggest a shift in consumer behaviour towards prediction markets could be having an effect.
Broader exodus from London
Flutter’s departure is the latest in a string of high-profile companies abandoning the London Stock Exchange, often in favour of US listings. The trend is driven by perceptions of greater liquidity, higher valuations and lower regulatory and administrative burdens across the Atlantic.
Fintech firm Wise announced plans last June to switch its primary listing from the LSE to the Nasdaq composite by creating a new holding company, seeking access to a wider pool of banking customers and investors. The move was approved by the High Court in April 2026 and became effective in May 2026. Wise also disclosed plans to extend the voting rights of its Class B shareholders by another decade, and said it would keep a secondary listing in London while continuing to hire and invest in the UK.
Equipment rental company Ashtead completed its move to a primary listing in New York, with its shares delisted from London on March 2, 2026. Building materials group CRH also delisted from London in 2026 to list solely in New York. In a different kind of exit, ingredients business Tate & Lyle agreed to a takeover by its US rival Ingredion, leading to its removal from the London market.
The cumulative effect has been damaging for London’s standing as a financial centre. In 2024, the city fell to 20th place in global IPO rankings, with just 18 companies listing during the year, prompting concern among UK policymakers about the competitiveness of domestic capital markets.
Shareholder support and leadership changes
To ease the transition for investors, Flutter has published FAQs and set up shareholder helplines, particularly for those holding depositary interests, to help them manage their positions during the delisting process.
The company has also seen a change in leadership at its key US business. In May 2026, FanDuel’s chief executive Amy Howe departed. Flutter’s group chief executive Peter Jackson described it as the “right moment for new leadership”. Dan Taylor has since taken on a senior operational role at FanDuel.
