Flutter Entertainment, owner of Paddy Power and Betfair, has said it is considering a full delisting from the London Stock Exchange, which would mark another significant setback for the City as major companies continue to shift towards the US market.
The gambling giant said it was reviewing its secondary London listing and could ultimately decide to cancel it entirely, with an update expected by the end of June.
Flutter moved its primary listing from London to New York in 2024 as it ramped up its expansion in the United States, driven by rapid growth in its FanDuel sportsbook business following the liberalisation of gambling laws across multiple states.
The company has maintained a secondary listing in London since the move, but a full exit would add to growing concerns about the competitiveness of the UK stock market.
In recent years, several major groups have either left London entirely or shifted their primary listing overseas, including CRH, Wise, Ashtead and Indivior, prompting renewed scrutiny of the LSE’s ability to retain large international companies.
Flutter’s review comes despite strong trading, with first-quarter revenues rising 17 per cent to $4.3 billion (£3.1 billion), driven by growth in online gaming and acquisitions.
However, the group said results had been impacted by favourable sporting outcomes for customers, which weighed on bookmaker margins in key markets including the UK.
Adjusted earnings before interest, tax, depreciation and amortisation rose 2 per cent to $631 million (£464 million).
The potential departure underscores a broader trend of UK-listed firms seeking deeper liquidity and higher valuations in US markets, even as the London exchange continues to attract smaller new entrants.
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