Flutter Entertainment to Delist from London Exchange, Maintaining Sole New York Listing

The London Stock Exchange has witnessed a trend of companies departing in recent years.

Flutter Entertainment, the parent company of brands like FanDuel, PokerStars, and Paddy Power, commenced trading on the New York Stock Exchange in January 2024.

Flutter Entertainment Plc (FLUT, currently down 1.89%) has announced plans to delist from the London Stock Exchange, opting to maintain its listing exclusively on the New York market. This decision deals another blow to the UK capital markets.

The online sports betting and gaming firm stated that, after considering factors such as trading volumes and regulatory compliance costs across both markets, delisting from the UK exchange is in the best interests of the company and all shareholders.

The group, which operates the FanDuel, PokerStars, and Paddy Power platforms, announced that July 31 will be its final trading day on the London Stock Exchange. The company's net profit for the first quarter fell to $218 million from $283 million a year earlier, prompting Flutter to initiate a review of its London listing status in May.

Flutter began trading on the New York Stock Exchange in January 2024 and designated New York as its primary listing venue on May 31 of the same year.

In recent years, numerous companies have shifted their primary listings to the United States, leading to a continued exodus from the London Stock Exchange.

Similar Corporate Cases

In May of this year, cross-border payments firm Wise transferred its primary listing to New York, retaining only a secondary listing in London.

In March, equipment rental company Ashtead cancelled its premium listing on the London exchange, opting to list its US-focused subsidiary, Sunbelt Rentals, separately on the New York Stock Exchange.