Flutter Entertainment has opened a formal review of its London Stock Exchange listing, disclosing the move alongside Q1 2026 results that showed group revenue up 17% year-on-year to $4.3bn.
The review was included in the company’s Q1 2026 earnings release on 6 May. Flutter stated:
We are undertaking a review of our London Stock Exchange listed ordinary shares. The conclusion of this review may result in the delisting of Flutter’s ordinary shares from the LSE. It is anticipated that this review will be completed during Q2 2026 and an update to shareholders will be provided in due course. The NYSE listing of Flutter ordinary shares will not be impacted by the possible cancellation of the LSE listing.
A listing with diminishing purpose
Flutter has traded on the LSE since Betfair’s £1.4bn IPO in 2010. The relationship has been unwinding in stages. In January 2024, the company dropped its secondary listing on Euronext Dublin and launched on the NYSE. Four months later, it moved its primary listing from the LSE to the NYSE, a change framed at the time as reflecting the growing weight of FanDuel in the business.
The current review follows that trajectory. A secondary London listing carries compliance costs and regulatory obligations under UK Listing Rules. With most of Flutter’s trading activity now concentrated in New York, and a shareholder base that has moved west, the case for retaining the LSE listing has continued to narrow.
Six of Flutter’s nine largest investors are US-based. Parvus Asset Management, a London-based fund, raised its stake to 10.7% in March 2026. Kenneth Dart, a US-born billionaire based in the Cayman Islands, holds more than 25% of the company. Flutter is also nearing completion of a $250m share buyback, part of a wider $5bn programme.
The pattern has precedent. CRH, the Irish building materials group, completed a full LSE exit on 20 April 2026 after making the NYSE its primary listing in September 2023. CRH cited trading activity levels and the cost and regulatory burden of retaining the London listing as the deciding factors. Fintech firm Wise and travel operator TUI have also departed the exchange in recent years.
Q1 2026: 17% revenue growth, net income down 38%
Group revenue reached $4.3bn in Q1 2026, up 17% year-on-year. The US generated $1.76bn of that figure, 41% of total group revenue, driven by 19% iGaming growth through FanDuel. US sportsbook revenue increased just 1%, with betting handle down 9% and average monthly players falling 6% against the same period in 2025.
Adjusted EBITDA came in at $587m, up 13% year-on-year. Net income fell 38% to $209m, against $335m in Q1 2025. International growth of 27% was supported by the Snai and Betnacional acquisitions in Italy and Brazil.
Flutter trimmed its full-year guidance following unfavourable Q1 sports results, new state launch costs in Arkansas, and a reporting change for PokerStars North America. The company now targets group revenue of $18.305bn and adjusted EBITDA of $2.865bn, representing growth of 12% and 1% respectively.
UK tax headwind bites in Q2
UK operations face a structural cost shift from April 2026, when Remote Gaming Duty rose from 21% to 40%. Flutter had previously estimated the full annual impact of the UK gambling tax changes at around £540m. Management said market competitiveness remained stable ahead of the change but noted that less profitable operators were expected to adjust marketing and promotional spending in response.
The UK tax increases add a further dimension to the listing calculus. With its most important European market under sustained regulatory and tax pressure, a secondary London listing carries diminishing value beyond servicing existing UK-based retail shareholders.
Management changes at FanDuel
Flutter announced leadership changes alongside the results. Amy Howe has left the role of FanDuel CEO. Christian Genetski, previously president of FanDuel, will now lead the US business. Dan Taylor, previously CEO of Flutter International, has been appointed to the newly created role of President of Flutter Entertainment while continuing to oversee the international division.
CEO Peter Jackson described the first quarter as “encouraging” and said the management changes were designed to best position the group for its next phase of growth. Flutter’s Q3 2025 results had already reflected mixed performance as the India market exit weighed on group figures.
The outcome of the LSE listing review is expected before the end of June 2026.
Source: Flutter Entertainment
