Flutter considers full London Stock Exchange exit
Table of contents
- Flutter Entertainment has launched a formal review of its London Stock Exchange listing that could result in a full delisting.
- The company reported Q1 2026 group revenue of $4.304bn, up 17% year-on-year, though full-year guidance was trimmed.
- The NYSE listing will not be affected by any outcome of the review, which is expected to conclude by the end of Q2 2026.
Flutter Entertainment is edging closer to a full exit from the London Stock Exchange, confirming a formal review of its secondary listing alongside Q1 2026 results that showed strong revenue growth but a downgraded full-year outlook.
Review expected by Q2
The company disclosed the review in its Q1 2026 earnings release, published on 6 May 2026. Flutter stated that the conclusion of the review may result in the delisting of its ordinary shares from the LSE, with a shareholder update expected during Q2 2026. The NYSE listing will not be affected by any outcome.
Flutter has traded in London since Betfair’s £1.4bn IPO in 2010, but the potential delisting is less a shock than a natural endpoint. The company shifted its primary listing to the New York Stock Exchange in May 2024, after which the LSE listing functioned as a secondary venue, useful for existing UK-based shareholders but increasingly marginal as its investor base moved towards the US.
Building materials group CRH went through the same process in early 2026, moving its primary listing to the NYSE in September 2023 before completing its London delisting on 20 April 2026, citing trading activity levels and the cost and regulatory burden of retaining a London listing as the deciding factors. Flutter’s situation is structurally similar.
Peter Jackson, chief executive of Flutter Entertainment, said:
“Flutter’s Q1 performance was encouraging, with Group revenue increasing 17% year-on-year. This reflected positive signs from our US sportsbook improvement plan, where performance was ahead of our expectations in March. The core fundamentals of our business remain strong, and I am confident that we have the right strategy, structure and global portfolio of local hero brands to capitalise on the significant long-term growth opportunity ahead.”
Q1 beats, guidance trimmed
Flutter’s Q1 2026 results showed group revenue of $4.304bn, up 17% year-on-year. US revenue reached $1.763bn, up 6% year-on-year, with sportsbook up 1% and iGaming up 19%. FanDuel held a 39% sportsbook GGR market share and a 27% iGaming GGR market share.
Adjusted EBITDA for the group came in at $631m, up 2%, though the adjusted EBITDA margin fell by 210 basis points to 14.7%. Group net income of $209m was $126m lower year-on-year, driven by increases in interest expense and depreciation and amortisation, primarily as a result of acquisitions.
Full-year 2026 guidance was modestly revised, with revenue and adjusted EBITDA forecast midpoints now set at $18.305bn and $2.865bn respectively. That represents a reduction from prior guidance of $18.4bn in revenue and $2.97bn in adjusted EBITDA, reflecting unfavourable Q1 sports results and new state launch costs in Arkansas.
The results also brought significant leadership changes. Dan Taylor, previously chief executive of Flutter International, was appointed president of Flutter Entertainment, taking on oversight of the FanDuel business. Amy Howe departed the company, with Christian Genetski, president of FanDuel, assuming leadership of the US operation.
London trend accelerates
Flutter’s move is part of a wider shift away from the London Stock Exchange by large multinational companies. The review is widely expected to result in a full London delisting, which would simplify Flutter’s capital markets structure.
The announcement comes as Flutter navigates a more challenging regulatory and tax environment in its home markets. The company had previously warned that UK remote gaming duty increases would reduce earnings by hundreds of millions of pounds annually, a stark contrast to the expansionary conditions it faces in the United States.
Flutter has identified the 2026/2027 NFL season as a key milestone for the full integration of its FanDuel One app and enhanced prediction market features, with management targeting $300m in run-rate international cost efficiencies by year-end.
With a decision on the London listing expected before the end of June, investors on both sides of the Atlantic will be watching closely for signals on Flutter’s next phase of US-led growth.
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