Flutter Entertainment Finalises Delisting from London Stock Exchange

Flutter Entertainment has completed its delisting from the London Stock Exchange (LSE), leaving the New York Stock Exchange (NYSE) as the only trading platform where shares in the operator are listed.

The owner of Paddy Power, Betfair and Sky Bet announced its intention to delist from the LSE in June, with the delisting taking place at 8am London time on Monday.

This followed a review of Flutter’s LSE listing, which was confirmed within its Q1 financial results in May. Flutter stated at the time that the level of trading activity, as well as the additional cost and regulatory burden, led it to believe it should proceed with a delisting.

Turning point

Flutter’s LSE share price closed at £75.88 last Friday. The share price reached a peak of £233.80 in July 2025, and had been falling steadily since.

The value of the shares was particularly impacted by the announcement of increased online taxation in the UK in November, which was revealed in the Budget by then UK Chancellor Rachel Reeves.

From the start of April, remote gaming duty, paid on online casino bets, was raised from 21% of gross gambling yield (GGY) to 40%. In addition, general betting duty, paid on online sports bets, will go up from 15% of GGY to 25% in April 2027; bets on horseracing will be exempt from the increase.

Focus on the US

Flutter will now only trade on the NYSE, where it has been trading since January 2024. Flutter transitioned to a US primary listing in May of that year, when the listing was moved from Dublin to New York. Flutter’s US share price reached a peak in August 2025, when it hit $305.48 (£227.26), but this has since reduced to $105.96.

The US is Flutter’s biggest market, where it operates its FanDuel brand. For 2025, Flutter’s US division generated revenue of $6.97 billion, up 20% from 2024 and making up 43% of the group’s overall revenue of $16.38 billion, which was up 17%. For 2026, the company has published guidance of US total revenue of between $7.4 billion and $8.2 billion.

UK difficulties

While the UK is still an important part of Flutter’s focus, the general trend is one of cuts being made. Flutter’s UK and Ireland business posted revenue of $3.54 billion (£2.63 billion) for 2025, which was down from the $3.59 billion generated in 2024.

During the year, Flutter had to manage the implementation of terms proposed in the government’s 2023 Gambling White Paper, which it said led to player restrictions during the year.

Flutter also began to put in place mitigation measures ahead of the tax increases. These included a reduction in cost, with lower operational, promotional and marketing spend.

The second round of mitigation will include the UK’s projected overall market size decline, and Flutter’s projected market share growth.

Last October, ahead of the tax increases being announced, Flutter told staff it would be closing 57 of its Paddy Power shops across the UK and Ireland.

According to various media reports, these shop closures will put 247 jobs at risk. Flutter said 28 betting shops in Great Britain will close, along with another 28 in Ireland, and one in Northern Ireland.

Flutter is due to publish its Q2 results on Wednesday, which will be followed by an earnings and conference call. Flutter’s Q1 revenue was $4.3 billion, showing a year-on-year increase of 17%.