Paddy Power owner Flutter is to scrap its London listing in the latest major blow to the capital’s financial markets.
The gambling giant, which also owns Betfair and SkyBet, will drop its London listing to focus on the New York market as it continues to rapidly expand its operations stateside.
Flutter Entertainment already has its primary listing on the New York Stock Exchange, after shifting this from London in 2024.
However, the company – currently valued at almost £15 billion – had retained a secondary listing in London.
In May, the company told shareholders it would launch a review into the London stock market listing.
On Friday, Flutter linked the decision to the level of trading activity in London as well as the “additional cost” from the secondary listing.
It also flagged the “regulatory and administrative obligations” linked to the London market.
The firm therefore “concluded that it is in the best interests of the company and its shareholders to proceed with the LSE delisting”.
It is the latest in a series of companies leaving the London market, with other firms also shifting their listings to the US.
Fintech firm Wise and equipment company Ashtead have both moved their listings to the US, pointing towards greater liquidity options across the Atlantic.
Flutter’s shares will be officially delisted in London on August 3.