Flutter Entertainment is reviewing its London listing altogether, less than two years after shifting its primary listing to the New York Stock Exchange.
The Dublin-headquartered gambling giant’s shares have been trading on the London Stock Exchange since Betfair’s £1.4bn IPO back in 2010, but fresh news from yesterday’s Q1 results has sparked some intrigue.
“We are undertaking a review of our London Stock Exchange listed ordinary shares,” read a statement in Flutter’s Q1 2026 presentation.
“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 provided in due course.
“The NYSE listing of Flutter ordinary shares will not be impacted by the possible cancellation of the LSE listing.”
A potential directional change for Flutter?
News of a potential London delisting for Flutter comes amid speculation as to what direction the operator will take going forward.
It owns flagship UK&I betting brands Paddy Power, Betfair and Sky Bet, alongside household US names FanDuel and PokerStars, as well as other market leaders across Europe and South America.
Q1 2026 detailed a positive start to the year, with corporate revenues up 17% year-on-year to $4.3bn (£3.5bn).
But this also came alongside a leadership shakeup, with FanDuel CEO Amy Howe replaced by Christian Genetski, and Dan Taylor, CEO of Flutter International, taking on the newly created role of President of Flutter Entertainment.
Whether this points towards a strategic shift is yet to be seen, but US revenue came in at $1.76bn – around 41% of its entire figure.
With the US market continuing to see growth, tax headwinds now in place in Flutter’s second-largest market – the UK and Ireland – and an investor makeup continually increasing in US stakeholders, a London delisting would not come as a massive shock.
US-born, Cayman Islands-based billionaire and investor, Kenneth Dart, now reportedly owns over 25% of the group, which is currently coming towards the end of a $250m buyback – part of a larger $5bn programme set to last for around another couple of years.
Another six of the reported nine top investors in the business are US based, with one exception being Parvus Asset Management, a London-headquartered fund that raised its holding in Flutter to almost 10.7% on 5 March 2026, up from 5.1%.
Many who have banked on the company in recent years are yet to reap the rewards, however. Flutter’s share price now sits at £74.74 – a drop of almost 49% over the past five years.
A move to be exclusively NYSE-listed could also give the company more access to larger institutional investor pools, and may also point towards further expansion in both the US and across the globe.
The London exodus
The LSE has taken some huge hits in recent years, with Fintech Wise PLC moving its primary listing to the other side of the Atlantic, Deliveroo delisting after it was acquired by DoorDash, and travel operator TUI delisting to make the Frankfurt Stock Exchange its home.
A Flutter delisting would only add to the stock exchange’s recent misery. It is one of the biggest companies with a listing in London, and is only exempt from the FTSE 100 due to its primary listing being overseas.
Whether Flutter removing itself from the LSE entirely would spark a shift in the company’s plan, particularly for its UK businesses, is still up in the air.
However, a complete US focus, at least for its shares, has been on the cards for some time and would not be a massive surprise in the grand scheme of things.
