Online sports betting and gaming firm Flutter Entertainment (LON:FLTR) has announced it will delist its London shares in early August. The group, which includes iconic brands like Paddy Power, FanDuel and SkyBet, said it would maintain its US listing.
The chips are down
Flutter said given the costs, regulatory and administrative obligations involved, it was better off quitting the London market. The delisting will become effective 8am London time on Monday 3 August, making Friday 31 July the last trading day.
The firm has posted a list of answers to FAQ (frequently asked questions) which can be found on its website. Helplines will also be available to assist shareholders.
The writing was on the wall for UK punters in May when the firm announced it was reviewing its listing. Following the takeover of Ekoke (LON:EVOK), Flutter’s decision further reduces the options for investors wanting to play the gambling market.
There will probably be some hand-wringing that today’s news is ‘a blow to the UK market’, but not from us. We weren’t fans to start with, and after the business was hammered by changes to UK regulation in the Autumn Statement we liked it even less.
Also, Flutter is hardly Arm Holdings (NASDAQ:ARM) – it isn’t even Ferguson (NYSE:FERG), the plumbing supplies business previously known as Wolseley. Losing both to the US market was a genuine disappointment, by comparison.
Read the press release here: https://flutter.com/investors/investor-hub/results-reports/
