Flutter To Exit London Listing as New York Becomes Primary Market

• Flutter Entertainment will pull its shares from the London Stock Exchange in August
• News comes about two years after the company made New York its primary listing venue
• New York will be the gaming stock’s sole listing

Flutter Entertainment (NYSE: FLUT) announced today it will pull its shares from the London Stock Exchange (LSE) in August, making New York the gaming equity’s sole listing venue.

The FanDuel parent company has been mulling the move and recently told shareholders a final decision on the matter was likely in the second quarter. Flutter shares will be pulled from the LSE effective 8 AM London time on Monday, Aug. 3.

Flutter’s shares will continue to be listed and admitted to trading on the New York Stock Exchange (NYSE) under the symbol “FLUT” following the LSE Delisting and, once the LSE Delisting takes effect, Flutter’s ordinary shares will only be listed on the NYSE,” according to a statement issued by the gaming company.

The news arrives almost two and a half years after the company listed in New York. As part of that move, Flutter yanked its listing on the Euronext Dublin stock exchange.

Signs Abound Flutter Was Focused on NYSE

Flutter’s decision to pull its London listing isn’t surprising. Even prior to the May announcement that such a move was under consideration, signs were there that the company could go down that road.

The Paddy Power owner indicated costs may have played a role in the decision to scrap the London listing.

Said another way, companies pay exchanges to list their shares and limiting the number of listing venues is an effective, albeit modest cost saver.

“As part of the review of its listing structures, the Company carefully considered, among other things, 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, and concluded that it is in the best interests of the Company and its shareholders to proceed with the LSE Delisting,” according to the Flutter statement.

Flutter Already Removed from FTSE 100

Linked to the 2024 decision to make New York its primary listing venue, Flutter was removed from the FTSE 100 Index, which is the most widely observed gauge of UK-listed stocks.

Under the rules laid out by index provider FTSE Russell, a company need not be British to be included in the index, but it must maintain a what some experts call a “premium” listing on the LSE.

Part of the reason Flutter listed in New York was to broaden its investor base and angle for inclusion in US equity benchmarks, such as the S&P 500. To date, the stock hasn’t been included in the S&P 500, but it is a member of the MSCI USA and Russell 1000 indexes, among others.