Bets off: Gambling giant Flutter, which owns brands such as Betfair, Fanduel and Poker Stars, will move to the US as early as May 31
Flutter shareholders have voted to ditch its primary listing in London – in yet another blow to the City.
Some 98 per cent of shareholders backed moving the gambling group’s main listing to the US, downgrading its London status.
The vote will be no surprise to many in the Square Mile after shareholder advisory groups, Glass Lewis and ISS, urged investors to support the move.
The FTSE 100 company, which owns brands such as Betfair and Poker Stars, will make a permanent move as early as May 31.
Flutter will keep a secondary listing in London, though rules dictate it will no longer be in the FTSE 100.
It makes around 40 per cent of its revenues in the US.
The Dublin firm made its Wall Street debut in January, eyeing deeper pools of investor cash as boss Peter Jackson said New York was its ‘natural home’.
The move means the steady flow of firms calling it quits in London has continued.
‘Flutter is becoming a US company,’ said Ivor Jones, at Peel Hunt. ‘It expects the listing to enhance its US profile and make it easier to recruit talent.’