Flutter Reviewing LSE Listing; Decision Could Be Announced In June

Flutter Entertainment is considering delisting from the London Stock Exchange (LSE) after shareholders were informed during a Q1 earnings release. The gambling group behind Paddy Power, Betfair, and Sky Bet have traded on the LSE since Betfair’s £1.4 billion Initial Public Offering (IPO) in 2010.

However, Flutter is conducting a comprehensive review of its LSE listing, hinting that a decision over its LSE status could be made next month. The news coming out of Flutter represents a significant blow to London’s claim as a major financial hub.

Flutter’s shift of emphasis

Two years ago, Flutter switched its primary listing to the New York Stock Exchange (NYSE). One of the main reasons for the shift in emphasis was the ease of gaining access to funds to invest in organic growth in countries such as India and Brazil.

During this period, Flutter has experienced rapid growth in the US thanks to the continued success of FanDuel and a plethora of states loosening their gambling restrictions. The Q1 results delivered 17% revenue growth year-on-year (YoY) across the board, but the US segment of the businesses contributed revenues of $1.76 billion (£1.5bn), accounting for 41% of its overall figure.

Although the Q1 earnings report indicated a robust start to the year, Flutter cut its full-year and profit guidance, and the UK share price has tumbled to £74.74, representing a drop of nearly 49% over the past five years.

Now, Flutter is considering leaving the LSE, and it said in a statement: “We are undertaking a review of our LSE listed ordinary shares. The conclusion of this review may result in the delisting of Flutter’s ordinary shares from the LSE. It is anticipated that this review will be completed during Q2 2026, and an update to shareholders will be made in due course.”

UK tax headwinds picking up

Inevitably, UK betting companies have felt the full force of the economic headwinds, which were confirmed in the November budget by the Chancellor of the Exchequer Rachel Reeves. Indeed, Remote Gambling Duty (RGD) paid on online casino betting soared from 21% to 40% last month, while betting duty paid on sports betting will rise from 15% to 25% in April 2027.

One of Flutter’s UK-facing brands, Paddy Power, previously admitted it would have to close as many as 57 betting shops to contend with the tax changes. Not only that, but in March, Paddy Power informed its employees of a full reshuffle of its marketing team, with a management review still ongoing.

Meanwhile, Sky Bet revealed last year that it would be shifting its UK headquarters to Malta in a move that could save the company as much as £55m per year in taxes. And it seems that Flutter’s strategic plan is centred around identifying future growth opportunities.

LSE continues to take the hits

Were Flutter to delist from the LSE, it wouldn’t be the first high-profile departure. In recent years, the LSE has been losing members at a rapid pace, with Wise moving its primary listing across the Atlantic, while travel operator TUI delisted to make the Frankfurt Stock Exchange its home.

Flutter was adamant in its Q1 statement that an LSE cancellation wouldn’t impact its NYSE listing. While a complete focus on the US for shares wouldn’t represent a complete surprise, being exclusively listed on the NYSE could enable Flutter to access larger institutional investor pools, and for Flutter, that might not be viewed as a drawback.