Flutter to delist from London Stock Exchange
Flutter Entertainment has announced plans to delist its ordinary shares from the London Stock Exchange (LSE), leaving the New York Stock Exchange (NYSE) as the group’s sole primary trading venue.
The gambling giant confirmed the news in a statement this morning (12 June). It set out plans to delist from the LSE on 3 August this year.
Flutter had been linked with a possible exit from the LSE for the past few weeks. During its Q1 results announcement, it revealed it was undertaking a review of the listing. Speculation of a move intensified when reports emerged just days later that the group was moving towards a delisting.
From the review, Flutter concluded that low trading volumes on the LSE, combined with the costs and regulatory burden of maintaining the listing, meant exiting the LSE was in the best interests of shareholders.
On this, 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 asked the LSE to cancel the admission to trading ordinary shares on the main market for listed securities of the LSE.
Should the delisting proceed, the final day of Flutter shares trading on the LSE will be Friday 31 July. It intends to delist with effect from 8am on the next day of trading, Monday 3 August.
Flutter’s share price was slightly higher (0.5%) at opening on the LSE today following the announcement.
Flutter’s journey from LSE to NYSE
The move marks the latest step in Flutter’s shift towards the US market. In January 2024, the company said it would pursue a primary listing on the NYSE. Later, it moved its primary listing from Dublin to New York while retaining a secondary presence in London.
At the time, Flutter said that a US listing would provide greater access to North American investors. It also said it would better reflect the growing importance of its US-facing business, led by FanDuel.
In the years that followed, FanDuel has strengthened its position as a leading online sports betting operator in the US. This has in turn helped drive revenue growth for the Flutter business as a whole.
With the LSE delisting set to proceed, Flutter said its shares will continue to be listed and admitted to trading on the NYSE. After the LSE exit, New York will be the only place where Flutter’s shares can be traded.
Slower US growth in Q1
The decision to focus solely on New York comes despite Flutter reporting slower growth in the US during Q1, with FanDuel facing tougher comparisons and a more mature sports betting market. However, the region remains the group’s largest growth opportunity and a central pillar of its long-term strategy.
In Q1, US revenue increased 6% year-on-year to $1.76bn, with strong iGaming growth of 19% helping offset softer sportsbook performance.
Overall, Flutter reported Q1 revenue of $4.3bn, up 17%, while CEO Peter Jackson described the US market and FanDuel’s position within it as “one of the most significant growth opportunities in our industry”.
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