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Flutter, the owner of betting giants Paddy Power, Betfair, and SkyBet, is set to scrap its London listing, marking another significant blow to the capital’s financial markets.

The gambling giant will now fully concentrate on the New York market as it continues its rapid expansion across the United States.

Flutter Entertainment had already moved its primary listing from London to the New York Stock Exchange in 2024.

However, the company, currently valued at almost £15 billion, had until now retained a secondary listing in London.

In May, the company told shareholders it would launch a review into the London stock market listing.

On Friday, Flutter linked the decision to the level of trading activity in London as well as the “additional cost” from the secondary listing.

It also flagged the “regulatory and administrative obligations” linked to the London market.

The firm therefore “concluded that it is in the best interests of the company and its shareholders to proceed with the LSE delisting”.

It is the latest in a series of companies leaving the London market, with other firms also shifting their listings to the US.

Fintech firm Wise and equipment company Ashtead have both moved their listings to the US, pointing towards greater liquidity options across the Atlantic.

Wise announced the proposal last June to switch its primary listing from the London Stock Exchange to the Nasdaq composite by creating a new holding company, in a bid to tap into a wider pool of banking customers and investors.

It also disclosed plans to extend the voting rights of so-called Class B shareholders by another decade.

Wise, which was launched in 2011 under its original name TransferWise, plans to keep a secondary listing in London and said last year that it will continue hiring and investing in the UK.

Flutter’s shares will be officially delisted in London on 3 August.