Flutter’s £35bn Share Slide: What’s Happening to Paddy Power & Betfair’s Owner?

What’s actually going on?

Flutter’s share price has fallen by around two-thirds since last August. At its worst point, close to $40 billion was wiped from the company’s market value; the drop now sits at roughly $35bn. In May, four hedge funds were reported to be holding short positions worth a combined £640 million against Flutter stock, effectively betting the shares still have further to fall.

Alongside the share price pressure, Flutter has confirmed it will delist from the London Stock Exchange. Trading in Flutter shares on the LSE ceases on 31 July 2026, with the formal delisting taking effect at 8:00am on 3 August. The company’s shares will continue trading solely on the New York Stock Exchange under the ticker FLUT, where Flutter has been listed since 29 January 2024. Flutter said the decision followed a review of the cost, trading activity, and regulatory obligations tied to keeping the London listing.

Why the pressure on the share price?

Flutter’s US arm, FanDuel, has been the engine behind the group’s growth and helped push its market capitalisation past $50bn at its peak. But city analysts are now questioning FanDuel’s ongoing US sportsbook leadership, Flutter’s wider profitability, and the emergence of prediction-market platforms such as Kalshi and Polymarket as a new source of competition, both of which have attracted large venture-capital backing.

Flutter still projects growth for 2026, guiding to revenue of approximately $18.3bn and adjusted EBITDA of $2.87bn at the midpoint — up 12% and 1% year-on-year respectively. A newly appointed US CEO for FanDuel, Christian Genetski, is now overseeing the brand’s sportsbook margins and response to competition. Flutter also faces integration work on its Sisal and SNAI businesses in Italy, and must navigate the UK’s new 40% Remote Gaming Duty regime.

Reading the situation fairly

Not confirmed: any specific impact on individual customer accounts, odds, or promotions at Paddy Power or Betfair as a result of these corporate developments.

Worked example (hypothetical)

A note on delisting vs. your betting account

A stock market delisting changes where a company’s shares trade — it does not, by itself, change how a betting account with that company’s brands operates. Not confirmed in the provided information: whether Flutter’s LSE delisting has any direct bearing on Paddy Power or Betfair’s UK licensing, product offering, or customer terms. If you already hold accounts with those brands, nothing in the source reporting here suggests an immediate change to your account.

Other UK bookmakers worth considering

If you’re reviewing where you hold accounts, here are four UK-regulated alternatives, each with their current new-customer offer and exact terms as published.

Common mistakes to avoid

• Treating share price moves as a signal about the safety of a licensed betting account — they are separate matters.
• Assuming a stock market delisting means a brand is closing or leaving the UK market; that isn’t confirmed here.
• Spreading bookmaker accounts thinly without reading each operator’s own terms, KYC requirements and payment options first.
• Chasing a welcome offer without checking the qualifying odds, deposit method and expiry window in the T&Cs.

Glossary

Delisting

When a company’s shares are removed from a stock exchange and stop trading there.

Market capitalisation

The total value of a company’s shares, calculated by share price multiplied by total shares in issue.

Short position

An investment bet that a share price will fall; the investor profits if it does.

EBITDA

Earnings before interest, tax, depreciation and amortisation — a measure of underlying operating profit.

Remote Gaming Duty (RGD)

A UK tax charged on online gambling operator profits.

Frequently asked questions