Paddy Power betfair parent Flutter Entertainment is to delist from the London Stock Exchange in August, the group informed shareholders on Friday.
The gambling giant said it will retain its listing on the New York Stock Exchange.
The company said the move comes after it carried out an analysis of 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 listing.
It said it concluded it is “in the best interests of the company and its shareholders” to proceed with the LSE delisting.
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The company, which is the world’s largest online betting company, delisted from the Irish stock exchange two years ago as it moved its primary listing to the New York Stock Exchange.
Flutter made management changes at its US FanDuel brand last month, saying FanDuel chief executive Amy Howe had left the company and that veteran Dan Taylor would oversee the US business in a new, beefed-up role.
The changes came a little over two months after Flutter surprised analysts by forecasting 2026 core profit growth of 4 per cent compared to growth of over 20 per cent in each of the previous four years, citing challenges in the US market, where FanDuel has a leading 39 per cent share.
The world’s largest online nudged its full-year forecast growth down to just 1 per cent last month, although its first-quarter profit came in ahead of expectations.
The company cut a few hundred jobs at its FanDuel business this week, according to US news site Front Office Sports. Those cuts were the third round of layoffs at the business in less than a year, according to the report, with staff let go across a range of functions, including software engineering, customer service, and business development.
“FanDuel implemented organizational changes to ensure the company remains agile, focused, and well-positioned to capitalize on what lies ahead, and these changes affect a number of roles across the business,” a company spokesman said in a statement.
