In the past decade, the number of gambling operators on the London Stock Exchange (LSE) has significantly decreased, driven by industry consolidation, regulatory uncertainty, and global economic trends, leading capital flows towards the US market. Peel Hunt analyst Ivor Jones noted that the overall size of the UK stock market has shrunk, currently holding only about 3% of the global market share, with some companies moving to the US in search of higher valuations and liquidity.
Data shows that the number of companies listed on the LSE has dropped from nearly 3,000 twenty years ago to 1,660 at the beginning of 2025, with the gambling sector particularly noticeable: well-known companies such as Betfair, Ladbrokes Coral, 32Red, and William Hill have been successively acquired and delisted. Jones pointed out that this wave of consolidation is nearing its end, with private equity gradually becoming the buyer, as Blackstone, CVC, Apollo, and others have led several European gambling transactions.
Stricter regulations and economic stagnation have also put pressure on operators. After the release of the white paper in 2024, companies like Entain and 888 saw a decline in revenue in the UK. However, as regulations stabilize, the market has begun to recover, with Entain's gambling net revenue increasing by 22% in the first quarter of this year.
Meanwhile, the attractiveness of the US stock market continues to rise. Flutter has moved its primary listing to the New York Stock Exchange to support the growth of its North American business, FanDuel. Bet365 is also considering a US IPO or selling part of its business. Analysts point out that the high valuations in the US stock market, mature capital markets, and strong private acquisition intentions make it more attractive to British gambling companies.
Although the London Stock Exchange still has geographical diversity and cost advantages, changes in tax policies and market weakness have reduced companies' willingness to stay. Industry experts believe that British listed gambling companies must accelerate revenue diversification and international expansion to retain capital confidence.
