Paddy Power, Betfair and Sky Bet owner Flutter Entertainment to delist from the London Stock Exchange

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Flutter Entertainment, one of the world's leading betting companies and owner of Paddy Power, Betfair and Sky Bet, has announced it will delist from the London Stock Exchange (LSE) in August.

In a statement released on Friday morning, Flutter revealed its intention to delist its ordinary shares from the LSE from 8am on August 3. Flutter will continue to be listed on the New York Stock Exchange (NYSE).

First quarter prompted review

Last month Flutter said it was undertaking a review of its LSE listing following the company's first quarter results for the year. 

In those results, Flutter lowered its revenue and earnings guidance for the year due to unfavourable sports results in the first quarter and launch costs in the state of Arkansas.

Group revenue for the quarter was up 17 per cent at $4.3 billion, while adjusted earnings were two per cent higher at $631 million. However, the full-year expectation was adjusted to revenue of $18.3bn with adjusted earnings of $2.87bn, down from $18.4bn and $2.97bn.

Why is Flutter leaving London?

The level of trading activity on its shares on the LSE, as well as the additional costs involved from the listing, were cited as part of the decision-making process for Flutter. The company has requested the UK Financial Conduct Authority cancel its listing.

The statement added that Flutter concluded it is "in the best interest of the company and its shareholders to proceed with the LSE delisting".

Flutter moved its operational headquarters to New York in 2024 and owns US market leader FanDuel. A smaller customer base than anticipated and a sportsbook growth of just one per cent was reported by FanDuel as part of their first quarter results.

Flutter's share price on the LSE closed at 8,426p on Thursday night.

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