Flutter Entertainment delisted from the London Stock Exchange on 3 August, ending a presence that began when Paddy Power went public in 2000. The world's largest online gambling operator now trades solely in New York, where it moved its primary listing in May 2024. The company cited low trading volumes in London and the cost of maintaining dual listings. Over the past year the stock has fallen almost 60%, with market capitalisation dropping from $50bn last summer to $19bn.
The delisting coincided with a reassessment of Flutter's US bet. FanDuel holds a 39% share of the US sports betting market, but growth has slowed: first-quarter US revenue rose just 6%, handle fell 9%, and regional EBITDA dropped 26%. International business grew 27%, driven mainly by Snai and Betnacional; organic growth was close to zero. The US accounts for around 40% of group revenue.
Prediction markets and stalled expansion
The main threat comes from prediction markets such as Kalshi and Polymarket, which bypass sports betting licensing and operate in California, Texas and Florida. Kalshi processed over $30bn in volume in June alone. Investors are revising growth forecasts and questioning the durability of the FanDuel–DraftKings duopoly. Legalisation has stalled in new states, and Ohio has introduced a bill to ban sports betting outright.
Leadership and regulatory pressure
FanDuel CEO Amy Howe left in May, a move interpreted as the board tightening control. In Britain, the increase in remote gaming duty to 40% will hit EBITDA by $320m in 2026 and $540m in 2027 before mitigation. Legal disputes over prediction markets are not expected to reach the US Supreme Court until late 2027 at the earliest. Analysts worry Flutter risks becoming a mid-tier stock on an exchange where capital is moving elsewhere.
