The owner of Paddy Power and Betfair is to ditch the London stock market after shifting its primary listing to New York.
Dublin-headquartered Flutter said its last day of trading in London will be on Friday, July 31, with the delisting to take effect the following week.
The move, which deals a fresh blow to the beleaguered London Stock Exchange, comes after bosses launched a review of the company’s future on the market last month.
In an update to investors on Friday, Flutter blamed poor levels of trading, high costs and red tape for its decision.
The gambling giant, which also owns Sky Bet and PokerStars, switched its primary listing to New York two years ago.
The shift came as the company pursued an aggressive expansion plan in the US through the acquisition of sports-betting company FanDuel as it sought to capitalise on a loosening of gambling laws in the US.
But Flutter’s defection comes amid a broader exodus of companies from London’s stock market in response to low valuations and a relative lack of activity.
Its exit mirrors a similar decision by building materials group CRH, which said in March that it would delist entirely after switching its primary listing to New York.
Other companies including fintech business Wise, construction equipment company Ashtead, investment firm Petershill Partners and drugmaker Indivior have also either switched their primary listings or left the London market completely in recent years.
The decline of London’s stock exchange stands in stark contrast to the booming US market, which is gearing up for a string of trillion-dollar floats.
Elon Musk’s SpaceX has raised $75bn (£55bn) in a record-breaking initial public offering that drew significant demand from armchair investors as well as institutional investors.
The satellite and rocket business could achieve a valuation of $1.8tn when shares begin trading on Friday.
Rival AI firms OpenAI and Anthropic are also preparing blockbuster stock market debuts this year as they seek to cash in on huge demand from investors who expect the technology to transform global economies.
Flutter’s decision to abandon London comes despite Rachel Reeves’s efforts to revitalise the exchange by cutting red tape in the City and encouraging savers to buy stocks and shares.
The Chancellor has also cut the amount of cash that savers are allowed to hold in tax-free individual savings accounts and urged pension funds to invest more in UK stocks.
Flutter reported revenues of $4.3bn in the first quarter, up 17pc on the previous year, thanks to growth in online gambling.
However, bosses cut guidance for the full year as they warned the company had suffered from unfavourable sports results, denting markets including the UK.