Paddy Power owner Flutter Entertainment is to scrap its London stock market listing, delivering another significant blow to the UK capital's financial markets.
Shift to New York
The gambling giant, which also owns Betfair and SkyBet, will drop its secondary London listing to focus on its primary listing on the New York Stock Exchange. Flutter moved its primary listing from London to New York in 2024 and has since been rapidly expanding its US operations.
Currently valued at almost £15 billion, the company had retained a secondary listing in London. In May, it announced a review of that listing.
Reasons for delisting
On Friday, Flutter linked the decision to low trading activity in London and the “additional cost” of maintaining the secondary listing. It also cited “regulatory and administrative obligations” associated with the London market.
The firm concluded that delisting from the London Stock Exchange (LSE) is “in the best interests of the company and its shareholders”.
Trend of departures
Flutter joins a growing list of companies leaving London for US markets. Fintech firm Wise and equipment company Ashtead have both moved their listings to the US, citing better liquidity options.
Flutter’s shares will be officially delisted in London on August 3.
