The owner of FanDuel, Paddy Power, and Betfair ends a 25-year relationship with the London market, citing low trading volumes and the growing cost burden of a dual listing.
Flutter Entertainment has announced its intention to delist its ordinary shares from the London Stock Exchange, ending the company’s presence on the UK market after more than two decades. The delisting will take effect at 8:00am London time on August 3, 2026, with July 31 set as the final day of trading on the LSE. The company’s shares will continue to be listed and traded on the New York Stock Exchange under the ticker symbol FLUT.
Flutter, which operates FanDuel, Paddy Power, Betfair, Sky Betting & Gaming, PokerStars, and Sportsbet, confirmed the decision followed a detailed review of its listing arrangements first flagged alongside its first-quarter financial results on May 7, 2026. The company cited persistently low trading volumes on the LSE and the growing cost, regulatory, and administrative complexities of maintaining a dual listing as the principal factors in the decision.
In a statement, Flutter said the delisting is in the best interests of the company and its shareholders, and that concentrating its listing on the NYSE would optimise both liquidity and capital access
A Long-Anticipated Move
Flutter first joined the NYSE in January 2024, and New York quickly became the dominant venue for trading in the company’s shares. The move had been widely expected across the industry — Flutter’s shares had traded in London since December 2000, when its predecessor entity Paddy Power first listed on the exchange, but that heritage counted for little once the centre of gravity shifted firmly to the US.
The formal timetable requires a minimum of 20 business days’ notice prior to delisting under UK Financial Conduct Authority Listing Rule 21.2.17. Flutter has filed an application with the FCA to cancel its listing on the Official List and has requested the LSE to remove its shares from the main market. Under current FCA rules, shareholder approval is not required to effect the cancellation, provided all regulatory conditions are met.
Institutional and retail investors currently holding Flutter shares via the LSE will need to transition their transactions exclusively to the NYSE once the delisting is effective. Brokers and custodians will generally support the migration, though the change in execution and custody arrangements could affect trading costs, particularly for smaller UK retail shareholders.
The US Pivot
Flutter’s global revenue reached $16.38 billion for fiscal 2025, up 17% year-on-year, and $4.3 billion for the first quarter of 2026. The overwhelming proportion of that growth has been driven by FanDuel, which holds the leading position in the US online sports betting market. The company reported Q1 2026 revenue in the US alone of approximately $1.45 billion, underlining why the NYSE represents the natural home for its equity.
Flutter Group CEO Peter Jackson articulated the rationale clearly at the time of the original NYSE listing in January 2024: “With our NYSE listing effective today, this is a pivotal moment for the group as we make Flutter more accessible to US-based investors and gain access to deeper capital markets. We believe a US primary listing is the natural home for Flutter given FanDuel’s number one position in the US.”
That logic has only strengthened since. Following the NYSE listing, Flutter absorbed its core UK and Ireland business into its wider international division — a structural signal that the company’s long-term strategic identity is increasingly centred on North America.
Wider Context: The LSE’s Shrinking Pull
Flutter’s departure is part of a broader trend that has accelerated significantly in recent years. The LSE saw up to 88 companies delist or transfer their primary listing to another exchange in 2024 alone. According to US Securities and Exchange Commission filings and market data, London fell to 20th in the global IPO rankings in 2024. For gaming companies specifically, the pull of US capital markets — with their greater depth, higher valuations for growth businesses, and larger institutional investor base — has proved difficult to resist.
The departure of Flutter, one of the most prominent gaming businesses ever to list in London, is a significant moment for the UK market. It is unlikely to go unnoticed by policymakers in Westminster, who have for several years been advocating for reforms to retain London-listed companies and attract new ones.
Flutter’s stock price has fallen nearly 60% over the past 12 months, with losses accelerating into 2026 following mixed financial results and the departure of FanDuel CEO Amy Howe in May. The company has made clear that consolidating its listing arrangements is part of a broader drive to reduce complexity and administrative overhead as it pursues its long-term strategy.