Flutter Entertainment said Friday that it plans to delist from the London Stock Exchange on July 31, leaving New York as its sole trading venue in the latest departure from the U.K. market.
The online sports betting and gaming company, which owns the FanDuel, PokerStars, and Paddy Power brands, said the decision came after a review of its U.K. listing. The company said in May that it was undertaking the review after first-quarter net profit fell to $218 million from $283 million a year earlier.
Flutter started trading on the New York Stock Exchange in January 2024 and made the U.S. exchange its primary listing from May 31 of that year. The company said trading volumes and regulatory costs meant that delisting from the London exchange was in the best interests of the company and shareholders.
The London Stock Exchange has suffered a number of departures in recent years. In May, money-transfer company Wise moved its primary listing to New York, keeping a secondary listing in London. In March, rental equipment company Ashtead canceled its primary London listing and listed its main U.S. subsidiary, Sunbelt Rentals, on the NYSE.
Flutter’s exit adds to concerns about the competitiveness of London as a global financial hub as companies increasingly seek the deeper capital pools and higher valuations available in U.S. markets.