Paddy Power owner Flutter to scrap listing on London Stock Exchange

Paddy Power owner Flutter Entertainment is the world’s largest online betting company. Photograph: Bloomberg/Getty Images View image in fullscreen Paddy Power owner Flutter Entertainment is the world’s largest online betting company. Photograph: Bloomberg/Getty Images Paddy Power owner Flutter to scrap listing on London Stock Exchange Gambling business, which also owns Betfair, to focus on New York in latest high-profile blow to UK stock market Business live – latest updates The gambling group that owns Paddy Power and Betfair is to scrap its listing on the London Stock Exchange , in yet another blow for the UK’s shrinking stock market. Flutter Entertainment , the world’s largest online betting company, told investors that it will cancel its London shares on 3 August, blaming low levels of trading in the stock and high costs. The former FTSE 100 business, which is valued at £15bn, moved its primary stock market listing from London to New York in 2024, after growth in its US FanDuel operation and as several states loosened online betting restrictions. SpaceX to list on US stock market today after raising $75bn in largest IPO ever – business live Read more Flutter told shareholders in May that it would review its position in London. On Friday the company said its decision to delist was based on “the level of trading activity in its shares on the LSE as well as the additional cost, and regulatory and administrative obligations arising from retaining the LSE listing”. The business “concluded that it is in the best interests of the company and its shareholders to proceed with the LSE delisting”, it said in a statement. It marks the latest high profile exit from London’s stock market, as companies increasingly turn to the US, where valuations and executive pay can be higher. The building materials group CRH delisted from London this year, with its shares now listed only in New York. The £8bn fintech company Wise, which was founded in London in 2011, moved its main listing from the City to New York in May . A rising number of companies are also leaving London’s stock market after agreeing to private takeover deals. This week the ingredients business Tate & Lyle agreed to a £2.7bn takeover by its US rival Ingredion . The asset manager Schroders, the insurer Beazley and the laboratory testing company Intertek have agreed to take-private deals this year. Flutter, which is operationally headquartered in New York, employs about 28,500 people around the world. Its shares in London have lost about half their value in the year to date, as fears grow that the rise of prediction markets in the US could disrupt the traditional betting industry. Platforms such as Kalshi have become popular in the US, where people can “trade” or place wagers on what might happen in pop culture, politics, weather, sports or any real-world event with an uncertain outcome. Kalshi is available in all 50 states to users aged 18 and older. Flutter reported in February that its revenue ros