Flutter Entertainment PLC (LSE:FLTR, NYSE:FLUT) is to delist from the London Stock Exchange and maintain a sole listing in New York, ending its presence on the UK market little more than two years after moving its primary listing across the Atlantic.
The gambling group, which owns FanDuel, Paddy Power and Betfair, said its final day of trading on the London market will be 31 July.
After launching a review last month, Flutter said it had concluded that retaining its London listing was no longer in the best interests of the company or shareholders. Directors reviewed trading activity in its shares, as well as the costs and regulatory requirements associated with maintaining a dual listing.
The company said its ordinary shares will continue to trade on the New York Stock Exchange under the ticker FLUT and, following the delisting.
Management launched the review after a difficult first-quarter that showed revenue rising 17% but net income fall 38% as acquisition-related costs and investment in the group’s new US prediction markets business weighed on earnings as it aims to compete with the likes of Polymarket and Kalshi.
Flutter also cut its full-year guidance, citing unfavourable sports results and the costs of launching operations in a new state.
Chief executive Peter Jackson said at the time that the company remained well positioned to benefit from long-term growth opportunities, particularly in the US market, where FanDuel remains one of the leading online sports betting platforms.
There are concerns about recent trends, with total US stake growth down 9% in the quarter, which the company insisted is “primarily… non-structural”, pointing to recycling effects and timing of promotions, but some investors and analysts believe may be down to customers moving to prediction markets.
Some analysts believe forecasts for the group’s US business are still too optimistic despite recent downgrades, as