Flutter Entertainment PLC (LSE:FLTR), the owner of Paddy Power and Sky Bet, will be providing one of its last quarterly updates on the London Stock Exchange on Tuesday 14 May.
Shareholders voted last month in favour of moving its primary listing over to the US, following the success of its sportsbook FanDuel and the growing divide in valuations overseas.
While investors will likely look out for how well its US betting brand is growing, analysts expect management to remain conservative ahead of the switch Stateside.
Analysts at Jefferies said: “We assume that Flutter views the US primary listing as effectively an IPO.
“As such, we anticipate guidance for FY24E is couched conservatively and Flutter should be well-positioned to raise guidance, and/or show market share gains.”
London’s FTSE 100 is scheduled to shed more than £22 billion when Flutter Entertainment PLC (LSE:FLTR) (Flutter Entertainment PLC (LSE:FLTR)) ditches its UK listing.
With a market cap of around £26.4 billion, the group ranks as one of the top 25 largest stocks in the index.
Replacing the departing group would be the largest FTSE 250 company, which as of Thursday is Darktrace PLC (LSE:DARK) (Darktrace PLC (LSE:DARK)).
However, the cybersecurity firm is also quitting its UK listing to go across the pond, albeit through the purchase by US private equity fund Thoma Bravo rather than a move to the NSYE.
Next in the FTSE 250 rankings is Hiscox Ltd (LSE:HSX) (Hiscox Ltd (LSE:HSX)), the insurance provider, which has a market cap of just under £4.2 billion, meaning when it replaces Flutter the FTSE 100 will drop in value by £22.2 billion.
While £22.2 billion represents a small portion of the nearly £2 trillion made up by the companies, the trend it follows could lead to spiralling declines for the blue-chip index.