Flutter Entertainment is reviewing the future of its London Stock Exchange listing as the group’s US focus deepens and investors scrutinise the performance of FanDuel following a softer first quarter.
Flutter executives have increased their personal exposure to the company’s shares after a sharp fall in the group’s valuation, as the operator reviews whether to retain its remaining London listing.
The company, which owns FanDuel, Paddy Power, Betfair and Sky Betting & Gaming, moved its primary listing to the New York Stock Exchange in 2024. Flutter has now confirmed that it is reviewing its London-listed ordinary shares, with the process expected to conclude during Q2 of 2026. The company said its NYSE listing would not be affected.
The US market has become central to Flutter’s equity story, but recent trading has raised questions among investors about the pace and consistency of growth. Flutter reported revenue of $4.30bn for Q1 of 2026, up 17% year-on-year. Net income fell 38% to $209m, while average monthly players declined 3% to 14.4m.
The company said group revenue growth was supported by online gaming, its US sportsbook improvement plan and recent acquisitions, including activity in Italy and Brazil. However, the decline in net income and player numbers has contributed to investor unease around short-term momentum.
Recent filings show that CEO Peter Jackson purchased 2,400 shares on May 8th at an average price of $101.94, valuing the transaction at about $245,000. Separate filings also showed share sales linked to tax withholding obligations following vested equity awards, rather than discretionary open market disposals. Sector reports also indicated that several senior figures had increased their exposure to the company’s shares, with NEXT.io reporting total C-suite purchases of about $745,000.
A full London exit would mark another setback for the UK market, which has seen several large companies move primary listings or capital market focus to the US. Flutter has been associated with the London market through Betfair’s listing history, while Paddy Power and Betfair remain among its most prominent UK facing brands.
Flutter’s decision will be watched closely by both investors and the gambling sector. For the company, the review is primarily a capital markets question. For London, it is another test of whether the exchange can retain major international businesses whose growth, shareholders and strategic priorities are increasingly centred elsewhere.
