FLUTTER DELISTS FROM LONDON STOCK EXCHANGE AFTER US SHIFT

Flutter Entertainment announced on Friday that it will remove its secondary listing from the London Stock Exchange, effective from Monday 3 August. The gambling firm, which owns Paddy Power, Betfair, FanDuel, PokerStars and Sky Betting & Gaming, shifted its primary listing to the New York Stock Exchange in May 2024. Flutter stated that delisting from London is in the best interests of the company and its shareholders, following a review of its UK listing launched last month.

The review examined trading activity in Flutter's shares alongside the additional costs and regulatory and administrative obligations associated with maintaining a London listing. Flutter's board determined that proceeding with the delisting required no shareholder vote. The decision marks another departure from the London Stock Exchange, which has experienced declining membership as major firms relocate to New York or face private takeover offers. Flutter moved its headquarters to New York as part of its American expansion strategy.

Flutter's share price performance has declined significantly in both markets during 2024. London-listed shares fell nearly 48 per cent to 8,426p, whilst New York-listed shares dropped 49 per cent to $110. The company reported quarterly revenues of approximately $4.3bn in May, representing a 17 per cent year-on-year increase driven by online gaming growth and acquisitions.