Gambling Powerhouse Flutter Announces Intent To Scrap LSE Listing

Flutter Entertainment has confirmed its intent to delist from the London Stock Exchange (LSE), representing a significant blow to the City. The gambling powerhouse behind Betfair, Paddy Power, and Sky Bet will remove its ordinary shares from the LSE following a comprehensive review process.

Speculation had been rife about a potential departure from the LSE for the past few weeks, with reports suggesting a review on a prospective delisting would be completed in Q2 2026. Now, Flutter has acted upon its desire to make the New York Stock Exchange (NYSE) its primary trading avenue.

Explaining the review outcome

A decision to leave the LSE wasn’t taken lightly by Flutter. After assessing its listing structures, Flutter conceded several factors influenced the outcome.

In a statement, Flutter cited low trading volumes on the LSE, combined with “the additional costs, regulatory, and administrative obligations arising from maintaining the listing” for pulling away. It was therefore mutually agreed that delisting from the LSE would be in the best interests of the company and its shareholders.

Setting the wheels in motion

Having traded on the LSE since Betfair’s initial £1.4 billion Initial Public Offering (IPO) in 2010, Flutter is ready to put the past behind it. Seemingly, the wheels have been set in motion to formally begin the delisting process.

Indeed, the statement noted Flutter has requested the UK Financial Conduct Authority (FCA) to cancel the listing of its shares on the Official List of the FCA. It has also urged the FCA to cancel the admission to trading of those ordinary shares on the main market for listed securities of the LSE.

Flutter is required to give 20 business days’ notice of its intention to delist from the LSE. Should everything go according to plan, Flutter’s last trading day on the LSE will be Friday, July 31, and the delisting will be effective as of 8am on Monday, August 3.

Flutter trying to buffet UK economic headwinds

Inevitably, the rise in online gambling taxes has been taking its toll on many of the UK’s leading gambling groups. The general betting duty paid on online sports bets, which will jump from 15% to 25% in April 2027, is likely to see costs soar for many companies.

In the wake of the November budget announced by the Chancellor of the Exchequer, Rachel Reeves, shares in Flutter dropped from £151.25 to £90.76. This was particularly disappointing, considering shares had reached a high of £236.30 in February 2025, and Flutter’s UK brands have been forced to pivot over the past few months.

In March, Paddy Power confirmed it would be reshuffling its marketing team, while Sky Bet announced last year that it would switch its UK headquarters to Malta in a move that would cost them £55 million.

Bar the increase in gambling taxes, the inexorable rise of prediction markets is accentuating fears of the traditional betting industry being eroded. Platforms, such as Kalshi, have gained traction in the US, and the binary Yes/No form of bets offered is appealing to a younger demographic.

Blows keep coming for LSE

Flutter’s imminent exit from the LSE only served to confirm that the NYSE is a more attractive proposition. Yes, UK companies are increasingly turning to the NYSE, where valuations and executive pay can often be higher.

Among the other high-profile companies to delist from the LSE this year are building materials group CRH and £8 billion fintech company Wise. As far as Flutter is concerned, London’s loss is New York’s gain.