Flutter exits London Stock Exchange as FanDuel drives growth
Flutter Entertainment will remove its shares from the London Stock Exchange (LSE) in August 2026, ending its secondary listing in the UK while maintaining its primary listing on the New York Stock Exchange (NYSE). The move reflects the company’s increasing focus on the United States, where FanDuel has become the primary driver of revenue growth and investor interest.
The FanDuel owner said the delisting move is in shareholders’ best interests, pointing to low trading volumes in London and the costs of maintaining the listing. The final day of trading will be 31 July, with the delisting taking effect on 3 August. The decision follows a review announced last month and marks the latest step in Flutter’s gradual shift towards the United States, where the group now generates a large share of its revenue and attracts growing investor interest.
US gambling business now drives growth
Flutter Entertainment has increasingly transformed itself from a UK and Ireland-focused bookmaker into a US-centred online gambling giant. Once best known for brands such as Paddy Power, Sky Bet and Betfair, the company now generates much of its growth from the US market through FanDuel.
In the first quarter of 2026, Flutter’s US division reported revenue of $1.76 billion, representing around 41 per cent of group revenue. FanDuel remains the leading online sportsbook in the country, with an estimated 39 per cent share of the market. The United States also accounted for roughly 42 per cent of Flutter’s total revenue, underlining how important the market has become to the group’s long-term plans. Management changes announced earlier this year reinforced that focus. Dan Taylor was appointed president of Flutter Entertainment, while Christian Genetski took over leadership of the US business following Amy Howe’s departure.
BlackRock stake increase adds to US investor presence
The announcement comes weeks after BlackRock increased its holding in Flutter to 5.12 per cent. The asset manager joins a shareholder base that already includes several major US investors, including Vanguard, Capital Group and Kenneth Dart.
The growing presence of American institutions has fuelled speculation that Flutter’s future is becoming increasingly tied to US capital markets. Analysts have frequently pointed to New York’s deeper liquidity, broader analyst coverage and larger investor base as advantages for internationally focused companies.
Another setback for UK gambling market
Flutter is the latest company to scale back its presence in the UK as competition between global financial centres intensifies. Despite reforms aimed at attracting new listings, the London market has struggled to retain some internationally focused businesses. Several companies have either moved their primary listings abroad, considered alternative markets or left London altogether in recent years.
For Flutter, the delisting decision comes at a time when regulatory and tax pressures are also increasing in the UK. The company has previously estimated that changes to UK gambling duties could reduce adjusted EBITDA by $320 million in 2026 and by $540 million in 2027 before any mitigation measures are taken.
Gambling sector faces mounting pressure
The UK’s Remote Gaming Duty increased from 21 per cent to 40 per cent in April 2026, with another rise in Remote General Betting Duty scheduled for next year. The impact is already visible across the industry.
William Hill owner Evoke recently announced plans to close around 200 betting shops, while a number of operators have reduced spending or reviewed their UK operations. Industry figures have repeatedly warned that higher taxes and tighter regulations could make it harder for licensed operators to compete with unregulated gambling websites.
FanDuel remains key to Flutter’s future
While competition in the US betting market remains intense, Flutter continues to view FanDuel as its biggest growth opportunity. Chief executive Peter Jackson has repeatedly identified online sports betting and iGaming in the United States as areas with significant long-term potential.
The company has also expanded into new products. Last year, it launched FanDuel Predicts, a prediction markets platform that allows users to trade on the outcomes of sporting and non-sporting events.
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