Flutter Entertainment to Exit London Stock Exchange in 2026

Flutter Entertainment plans to delist from the London Stock Exchange, as reported on 12 June 2026. The move would withdraw one of the UK’s most prominent gambling and sports betting companies, a current FTSE 100 constituent, from London’s primary market. This follows the company’s successful move to a primary listing on the New York Stock Exchange earlier in 2024.

Context — why this matters now

The decision occurs amid a persistent structural outflow from UK equities. The FTSE 100 traded near 8,150 in June 2026, having underperformed the S&P 500 for over a decade. A material catalyst was Flutter securing a coveted spot in the S&P 500 index in March 2025. Index inclusion forced passive funds tracking the S&P 500 and active US managers benchmarked against it to buy the stock, concentrating liquidity and analyst coverage in New York. This process mirrors the 2020 path of Ferguson Plc, the plumbing parts distributor, which shifted its primary listing to New York and subsequently delisted from London in 2022. Ferguson’s share price rose over 40% in the 24 months following its NYSE primary listing.

Data — what the numbers show

Flutter’s market capitalization was approximately £31.5 billion before the announcement. The stock’s average daily trading volume in New York surpassed £450 million, more than triple its London volume of around £140 million. After its S&P 500 inclusion in March 2025, US ownership of Flutter’s shares surged from 30% to over 55% by Q1 2026. The company’s valuation premium to London-listed peer Entain Plc expanded to 35% on a forward P/E basis. A comparison of trading metrics highlights the liquidity shift.

Metric	London (LSE)	New York (NYSE)
Avg Daily Volume (30d)	£140m	£450m
Analyst Coverage	18 firms	32 firms
2026 YTD Return	+4.2%	+8.7% (USD terms)

The S&P 500 index gained 12% year-to-date through early June 2026, while the FTSE 100 returned 5%.

Analysis — what it means for markets / sectors / tickers

The direct loss for the FTSE 100 is a 0.8% reduction in index weight, triggering forced selling by UK index trackers. Rival Entain Plc faces increased pressure to consider a similar transatlantic move, though its higher debt load presents a complication. US-based asset managers like Duquesne Capital Management and Capital Group, already significant holders, are positioned as primary beneficiaries of deepening liquidity. Secondary beneficiaries include US equity options exchanges and investment banks with strong US equity capital markets desks. A counter-argument is that a full London exit could alienate some long-standing UK and European income-focused investors, potentially capping near-term multiple expansion. Trading flow data shows net selling from UK-domiciled funds over the last quarter has been absorbed by systematic and discretionary US buyers.

Outlook — what to watch next

The final shareholder vote on the delisting is scheduled for 30 July 2026. A key technical level for the FTSE 100 is 8,000 support, a breach of which could accelerate on index rebalancing outflows. Investors will monitor the Q2 2026 earnings call on 7 August 2026 for guidance on capital allocation post-delisting, specifically regarding dividend policy and US M&A strategy. The Bank of England’s next Monetary Policy Committee decision on 15 August 2026 will influence sterling volatility, a residual risk for UK shareholders converting proceeds.

Frequently Asked Questions

What does Flutter leaving the LSE mean for UK retail investors?

UK retail investors holding Flutter shares in an ISA or SIPP can continue to hold them as a foreign-listed security. They will trade in US dollars on the NYSE, introducing currency exchange costs and potentially different settlement cycles. Brokerage platforms may charge higher fees for trading international shares. Dividends will be paid in US dollars, subject to a 15% US withholding tax, though UK investors can typically claim this as a credit.

How does this compare to other companies leaving the London market?

Flutter follows a trend of large-cap UK firms seeking primary listings elsewhere. Mining group CRH moved its primary listing to New York in 2023. Building materials firm Ferguson completed its London delisting in 2022. Arm Holdings chose to IPO solely in New York in 2023 despite its UK origins. The common driver is deeper pools of capital, higher valuations, and greater sector-specific analyst coverage in the US market, particularly for growth-oriented tech and consumer discretionary firms.

Will Flutter’s departure trigger more FTSE 100 exits?

A cluster of potential candidates exists, particularly in sectors where US peers trade at significant valuation premiums. These include consumer staples, certain industrials, and tech-adjacent firms. The likelihood depends on each company’s shareholder base composition, the proportion of revenue generated in the US, and their growth profile. A successful Flutter delisting without major price dislocation could serve as a blueprint, but regulatory hurdles and shareholder mix vary significantly by company.

Bottom Line

Flutter’s expected departure from London crystallizes the valuation and liquidity advantages of a US listing for global growth companies.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.