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State of Play’s TL;DR
- Flutter will stop trading in London next week.
- The move raises questions about the future of FanDuel.
Flutter Entertainment will stop trading on the London stock market at 8 a.m. on Aug. 3, leaving New York as its sole listing. The bigger story is not the exchange switch itself but what it says about a more complicated growth outlook for FanDuel and the wider online betting market.
Flutter said thin trading volumes, plus the cost and regulatory burden of maintaining a dual listing, drove the move. Its primary listing has been in New York since May 2024, and analysts said there is little reason to think the stock would be performing differently if it had remained in London.
Ben Robinson of Corfai called the loss of the London listing “marginal and symbolic,” though some UK funds with London-only mandates could be forced sellers.
Macquarie analyst Chad Beynon said:
“The US has the largest and most liquid equity market in the world.”
Flutter shares have been in a freefall
The move does not mean Flutter’s market questions disappear once London trading ends. The company’s shares are down nearly half in 2026 and about 60% over the last 12 months, with its market value falling from more than $50 billion last summer to around $19 billion.
The pressure points are familiar. FanDuel still holds a reported 39% share of the US sportsbook market, but the easy-growth phase looks less certain. Robinson said Flutter’s US business, which makes up roughly 40% of group revenue, grew 6% in Q1, while handle fell 9% and EBITDA dropped 26%.
Competing with prediction markets
At the same time, prediction markets are becoming a more serious competitive and regulatory variable. Robinson said Kalshi generated more than $30 billion of volume in June. It should be noted that prediction products can reach customers in states such as California, Texas, and Florida without waiting for traditional sports betting legalization.
Flutter launched FanDuel Predicts in late 2025 through an exchange partnership with CME Group. So far, it has struggled.
There is still no binding nationwide answer on prediction markets. Nevada has successfully restricted Kalshi, while the Third Circuit ruled in Kalshi’s favor against New Jersey. A final answer may not come until late 2027 at the earliest, and more likely in the first half of 2028 if the issue reaches the Supreme Court.
Flutter also faces pressure outside the US. It estimates UK remote gaming duty changes could hit EBITDA by $320 million in 2026 before mitigation, rising to $540 million in 2027.
So, while the London delisting closes one chapter, investors are still focused on a harder question: whether Flutter’s US story can keep carrying the valuation from here.
Based on reporting by Martin Bjoerck for iGB.
