British betting group Flutter Entertainment on Friday switched its primary listing to Wall Street, a move seen as a blow to the London Stock Exchange.

The owner of sports betting brands Paddy Power and Betfair completed the move after approval by Flutter shareholders at the start of May.

The switch "closely follows the recent move of our operational headquarters to New York, with both reflecting the increasing importance of the US sports betting and iGaming market to our business", Flutter chief executive Peter Jackson said in a statement.

Flutter still has a listing in London, where its share price was down 4.1 percent in trading Friday.

AJ Bell analyst Laith Khalaf said the move by Flutter gives the idea that the London Stock Exchange is "yesterday's market" amid concerns that UK-listed companies are undervalued compared with similar rivals traded on Wall Street.

At the end of last year, British chip designer Arm chose Wall Street over London for its stock market flotation.

Building materials giant CRH has meanwhile transferred its primary listing from the UK capital to New York.

Energy giant Shell has hinted it could cross the Atlantic, even if such a move was not on the agenda right now according to its leadership.

According to UK regulator, the Financial Conduct Authority, requests to float on the London Stock Exchange are at the lowest level in about six years.