Paddy Power and Betfair owner Flutter Entertainment has announced it is considering a complete withdrawal from the London Stock Exchange, delivering a significant setback to the City as the company increasingly pivots its focus toward the United States.
Review of London Listing
The sports betting and gambling giant revealed it is conducting a review of its shares traded on the London Stock Exchange, which could culminate in a decision to cancel the listing entirely. Flutter had already shifted its primary stock market listing from London to New York in 2024, retaining only a secondary listing on the LSE. This move followed rapid expansion in the US through its FanDuel sportsbook business, propelled by a wave of states relaxing their gambling regulations.
The company expects to update shareholders on the outcome of the review by the end of June. If confirmed, the delisting would mark another high-profile exit from the LSE, following building materials group CRH, which announced in March its intention to delist completely after similarly moving its main listing to New York.
Trend of Departures
Flutter is not alone in reassessing its London presence. In recent years, several major businesses have either switched their primary listing away from the LSE or abandoned it entirely. These include fintech firm Wise, construction rental company Ashtead, investment business Petershill Partners, and drugmaker Indivior. However, the LSE has also welcomed new entrants, such as tuna maker Princes Group and small business lender Shawbrook, which launched their shares at the end of last year.
Financial Performance
Alongside the listing review, Flutter released its financial results for the first quarter of 2026. Revenues surged by 17% to $4.3 billion (£3.1 billion) compared to the same period last year, driven by growth in online gaming and the acquisition of new brands. However, the company noted that sports results continued to favour punters over bookmakers, negatively impacting performance in markets including the UK. Adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) reached $631 million (£464 million) for the quarter, a modest 2% increase year-on-year.
Shares in Flutter tumbled following the worse-than-expected full-year figures, reflecting investor concerns about the company's strategic direction and the potential loss of its London listing.
