At 8am on 3 August, Flutter Entertainment’s shares will quietly stop trading in London, ending a listed lineage that began with Paddy Power’s float in December 2000. The company blamed thin trading volumes and the cost and regulatory burden of a dual listing; from August, the world’s largest online gambling group will trade solely in New York, where its primary listing has sat since May 2024.
Flutter leaves the UK at a challenging moment: the shares are down nearly half this year and around 60% over 12 months, cutting a market value that topped $50 billion last summer to around $19 billion.
It is tempting to read those two facts together – the move to Wall Street and the collapse in the share price – as cause and effect, another warning about a company that chased higher valuations in America and found American volatility instead.
